Who needs Life Insurance?

In this day and age, emergencies can strike at any moment. The need for money is constant, saving for the future gets more and more difficult because most of the time, people don’t have enough money set aside for emergencies. A life insurance policy can help you with this problem.

The question is who are the people who need life insurance the most?

If we analyze the general rule, only a person who has dependents will need a life insurance policy. This would be to make sure that their dependents would be taken care of even after they pass on. A dependent is usually a child who lives at home with the policyholder, but keep in mind that a dependent can be anyone who depends on the policyholder for support. Aside from children, a dependent could be a sibling, parents or nieces and nephews.

Parents. Whether you are a stay-at-home parent who works as an online freelancer, parents of a newborn baby or a single parent who tries to make ends meet by working more than one job, it would be one of the best decisions you can make to take out a life insurance policy. This policy would make it possible for you to save money for the future of your children and also for yourself. 

Senior citizens. Senior citizens would be more prone than any of us to chronic diseases and the need for more vitamins and in some cases maintenance medicines. A life insurance plan would often include a package for medical coverage, which can be a big help to our older crowd.

The problem is some senior citizens were not able to invest in life insurance when they were younger, those people would pay out-of-pocket for their medical expenses, which can set them back thousands of pesos every month.

Some insurance companies would still offer insurance packages for the retired population. However, the time frame would be shorter and the benefits would differ slightly. This is why people should be encouraged to invest at a younger age, to make the most out of their investment and insurance policy.

Young adults. Young adults will have the capacity to pay because they would have an income and they would have more time to invest and save for their retirement. These people can benefit and make the most out of their life insurance policy because they are young, they have their whole lives ahead of them. They should use that time to grow their investment and start saving for their retirement.

Business people. Even the rich and successful would need a life insurance policy. If you are a business owner who would like to safeguard the profits and shares of their company after they pass away, you can get a life insurance policy to leave your share to a specific family member, friend, business partner or even a charity you support. 

Life insurance is designed for younger people who are currently earning for their families. Let us repeat the question. Who needs life insurance? If we were to answer that question directly, we would say “Everyone.” There is not a single person on earth who will not benefit from a life insurance policy. 

There is never a wrong time to invest in life insurance. It is also never too late. No matter how late you start, you can still be able to invest in something good for your future.