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It may seem daunting at first, but realistically Life Insurance is all about piece of mind. So embrace it as a tool for you and your family as that all-important financial back-up plan.
The Ultimate Back-Up Plan
Let’s cut to the chase. You’re responsible, you want the best for your family, so why not take the next step to ensure your family is taken care of when you’re gone. Simply put, you want to consider how much money your family needs to carry on comfortably, and the rest is just ticking boxes. Peace of mind is a beautiful thing.
Business as Usual
You pay your bills on time, this one is no different, except it is. Just like your phone bill, you make the appropriate monthly payments, and you get the services you want. In this case, in return, your family gets the benefits and amount of money you specify on the policy when you’re gone. There is paperwork involved, as with anything, but it’s a small price to pay for taking care of your family.
Types of Life Insurance: Term
Just like the name, with Term Insurance, you’re covered for a set amount of time. Your policy will pay out in the event you’re gone within the frame of time in your term policy. A typical term may be 20 years.
Types of Life Insurance: Permanent
Also known as Whole Life insurance, Permanent is significantly more expensive, but it doesn’t expire as with Term. Granted, you’d likely buy this type when you’re younger, or if you are quite well off. Of course, there are many options, but for the most part age and financial position should be taken into account.
Don’t Be Intimidated
It’s true, it gets complicated with the many options out there, but if you just start with the fundamentals and do a bit of research, your family will thank you. The key is to jump in with the right attitude and good intentions to strengthen your family position for decades to come.
When you’ve created and gathered your documents, secure and share them. It’s really simple to set up Kinnect, it’s free for life for those who get Early Access, and it will change the way you communicate with your family for the better. Get Early Access now.