Life is all good when you have a job and your health is still in good condition. You can afford to feed your family and provide them with financial assistance.
But has it ever occurred to you, what happens if you die unexpectedly? How about your family or your loved ones?
By then, have you prepared anything for your family? No? This is where life insurance comes in to protect them from facing financial difficulties after their death. According to statistics, only 55% of Malaysians have life insurance. This shows that there are still many people who have yet to get coverage — can’t afford, are still unaware, or don’t feel like getting it.
What happens if you do not purchase life insurance?
Leaving your loved ones financially unprotected
You need to consider the decision to purchase life insurance from your family’s point of view, not your own. Say if you are the sole breadwinner of your family then the loss of your income could put a strain on your family.
Life insurance can help to take care of your family financially upon your passing or in case you lost income caused by permanent disability. You will be able to provide ongoing living expenses, pay for your children’s education, pay off debts and even help meet housing payments.
Who will pay for your funeral?
The funeral can be expensive. If you haven’t saved money for that purpose, your family will have to foot the bills. But if you have insurance coverage, your family members can use the money to cover the cost of the funeral, without having to use up savings or consider getting a loan.
You may be passing on your debt to your family
If you do not have proper planning, your debt (house loan, business, and personal loans) may be transferred by family members after your death. Life insurance can be used to settle debts and save your family from having to carry the burden.
Do you need it or not?
So, it can be considered bad, moreover, if you don’t have enough money to keep the family financially whole in case the unimaginable happens. Life insurance may not be necessary for some because they may have saved up enough money to cover all their potential needs.
But for those who have started a family or already have a family, it is worth it to buy a life policy in place that remains in force in case your health takes a downward spiral later on.
It is always better to be prepared than to take a risk, without knowing what could happen next!
For more info regarding life insurance, do not hesitate to reach out to our insurance experts on Bjak to assist you anytime you need help.
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