Life Insurance: Don’t leave home without it!
A friend recently told me the tragic tale of a father retrieving a ball from a tree for his kids. He lost his footing, fell off a branch, hit his head on the ground, and died instantly. The world can certainly be unforgiving at times, and nobody can predict our fate that lies around each corner.
While we can’t protect ourselves against desperately unfortunate events, we can secure our families’ financial futures through adequate life insurance.
Life insurance is a key foundation of any financial plan, as it protects your family’s wealth in the event of the “worst case scenario.” Basically, you pay an on going premium for X amount of years. If you were to die during this term, your family would receive a lump sum payment to ensure they continue living a comfortable life (i.e. your kids can still attend a good university and your spouse still has enough money to live, eat and pay the mortgage off).
For example: If I pay 100 USD per year (the premium) for life insurance and died tomorrow, my beneficiaries would get 250,000 USD (the sum assured) to finance their future. The higher/lower the sum assured, the more expensive/cheaper the premium is. People who are married with (or even without) children, individuals with dependents (such as an older parent who needs your financial support), and someone with debt (debts are inheritable!), are always in need of life insurance.
You can purchase life insurance from a host of insurance companies in Asia, and many people believe they can save money by going down that route. In actual fact, the reverse is true and you will get a better deal by purchasing through an independent professional financial adviser.
Advisers, such as myself, who are not tied to one company, can shop around for the best coverage for your individual requirements. You will have a far greater choice of policy in terms of both cover and price, and I can help you work out exactly what a suitable sum assured should be – something that can be extremely complicated and important.
Life insurance is the key to any sound financial plan, meaning you never have to worry about your family's well being in case the worst case scenario occurs. Are you and your family insured?
About the Author: Dewey (Trey) Archer
Dewey (Trey) Archer has been a Financial Consultant with Infinity Financial Solution, Ltd since 2014. He is qualified by the Chartered Insurance Institute (CII) with an Award in Financial Planning and has been awarded the title of Premier Advisor at Investopedia Advisor Insights. His studies and career have taken him to over one hundred countries, and his international experience has allowed him to add Spanish, Portuguese and Mandarin (along with his native English) to his list of fluent languages. Trey specializes in IRS compliant investments and pensions for American nationals but enjoys using his international background and linguistic skills to work with a vast network of people from all over the globe. Trey can be reached at +86 138 1620 7274 or firstname.lastname@example.org