Many people in Brisbane grapple with the question of whether or not to buy a life insurance policy. While most of them are aware of the immense benefits of life insurance, they are drawn back by some common misconceptions. The cover is seen by some a sign of pessimism – taking it is like spelling out your death, and you could die. This is far from the truth. Life insurance, like all other kinds of insurance, is a way of protecting what is valuable to you should something unexpected happen in future. You could be arguing that you are young, healthy and single hence the cover isn’t necessary for you. Not true. We all know how life is unfair and death comes unannounced. Life insurance is for everyone – the young, the old, the married, the single, the healthy and the sick. Life insurance is also seen as an expensive endeavor full of complicated clauses and jargons. You are lucky to be in the era where life insurance Brisbane brokers are not only in big numbers but are highly knowledgeable in all the intricacies of the process. With a reputable broker specialized in life insurance Brisbane has today, the process is as easy as a walk in the park.
So, how does life insurance help?
Financial security for you and your family
Once you have accumulated premium savings over the decades, you have several options for utilizing the funds. You may continue with a premium contribution to be accessed by your family upon your death. Another option is to convert the funds to annuity and have a lifetime of guaranteed income for your family when you die. It assures you that your kids will live comfortably with the constant provision of food, clothes, good healthcare and education.
Paying final journey costs
Burial and cremation costs could be a burden to the family if the prior arrangement is not made. You can ease the burden for your family by purchasing life insurance policy. In addition to paying off all the funeral or cremation costs, your cover will pay estate administration fees, medical bills not covered by health cover, mortgage balances, and other unpaid obligations. Life insurance ensures that your family is not left struggling with your debts when you die.
If you don’t have a family that can inherit your funds, you can pass the benefits to your favorite charity. This will ensure continuity of your philanthropic goals even after your demise. It brings a feeling of accomplishment knowing that what you so much worked hard for when living is going to go into a worthwhile course when you die.
Helps you secure loans
It’s possible to get a loan against the cash value of your insurance policy. The interest rate in this kind of loans is normally small; you have the option of paying in installments or a lump sum. If you are unable to repay the loan, the funds you have accumulated in your life insurance policy can be used to offset the loan. Consult life insurance Brisbane professionals for more information on this particular life insurance benefit.