According to Wikipedia, Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment.
According to Reba Lackey, “Life insurance was not intended for burial it was intended for the living the ones left behind so that without you and your income they will still have a good quality life.”
Why you should consider buying Life Insurance policy.
Here are some questions you need to ask yourself before deciding whether or not you need a life insurance policy.
1. In the case of tragedy, do you think your family will be able to handle your death, and the financial burden all at one time?
2. Do you already have a benefit that’ll protect your family if you get sick with cancer and can’t work?
3. How should your family raise money when something happens to you ? Through go fund me or car washes?
Conclusively, Insurance is not for you, is for someone who you left behind. If your family can’t afford to pay for your funeral, then you need coverage.