Here are some benefits of being Insured:
- Life Insurance As Mortgage Protection
Would you want your family to become homeless if you die unexpectedly? Of course not! You can get a life insurance plan as a form of mortgage protection. Proceeds of your insurance plan can be used to pay off your mortgage on your home.
- Life Insurance As Bankruptcy Protection
Did you know that in case of bankruptcy, your creditors cannot run after the cash value and death benefits of your life insurance policy? The cash value and death benefits from your life are exempt from creditors, thereby offering you a protection against bankruptcy.
- Life Insurance As Income Replacement
Your family may have planned for a future based on two incomes - your income and your spouse's income. But what if one of you passes away unexpectedly? Life insurance can be used to replace lost income, so that your family can maintain the same standard of living as they were used to.
- Life Insurance For Final Expenses
Funeral expenses, burial costs, and medical bills can be a huge burden to your family if you or your spouse pass away unexpectedly. Life insurance can be used to plan for these final expenses, so that your family will not have the additional burden of scratching for money in a time of grief.
- Life Insurance For College Funding
Life insurance can help fund the college education of your children. If you die, the death benefit of your life insurance policy may be invested and potentially grow to the needed amount by the time your children reach college age. Feel better knowing that you helped prepare for their future - even if you are not around to see it.
- Life Insurance For Estate Planning
Life insurance can secure your hard-earned estate for your heirs by providing tax free cash which can be utilized to pay estate taxes. You don't want the BIR to eat up your hard-earned assets, do you?
Source: http://lifeinsurancephilippines.com/why-get-life-insurance
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