Why You Need Life Insurance

If you're like most people, you probably think that the types of people who need life insurance are those with their own families. Do you need life insurance? 

Here are four reasons why people need life insurance even if they’re young and single.

The truth is that everyone can benefit from having a life insurance protection plan no matter what stage of life they are in. Not yet convinced? Keep reading to learn the six reasons to get life insurance even if you’re young and single.

Why Do You Need Life Insurance?

The purpose of life insurance is to provide financial support in case of an emergency. This type of insurance helps you and/or your loved ones pay unexpected expenses in the event of a loss of income. Here are the reasons to get life insurance:

1. To replace your income

If you're the primary breadwinner in your family, life insurance is essential to protect them financially if you die unexpectedly. With a life insurance policy in place, your family could maintain their current lifestyle – even if you're no longer there to provide for them.

Life insurance can give you peace of mind knowing that your loved ones will be taken care of financially if something happens to you. They can be used for anything – from covering everyday expenses to paying off debt or funding a child's education.

2. To cover your final expenses

Death is something that nobody likes to think about. It's natural to want to avoid thinking about our own mortality. However, it's important to be prepared for the inevitable.

If you don't have life insurance, your loved ones will be left with the burden of paying for your funeral and other final expenses. And depending on how much savings or debt you have, it could leave them in a very difficult financial situation.

Life insurance can give you and your loved ones peace of mind knowing that you're prepared for the worst. It's one less thing to worry about. When it comes to life insurance, it's better to be safe than sorry.

3. To pay off debt

When it comes to life insurance, one of the most important things to think about is how your policy can be used to support your loved ones in the event of your death.

If you have any outstanding debts, such as a mortgage or car loan, your life insurance policy can be used to pay them off. This can be a huge load taken off of your loved ones' shoulders, and it can help them avoid financial hardship after your death.

4. To Supplement Your Retirement Income

While we have so far discussed worst-case scenarios, another reason you need life insurance is to prepare for retirement.

If you reach retirement age healthy, life insurance can help you guarantee a comfortable life.

Certain life insurance products are designed to provide monthly income upon your retirement. You can use this to cover your daily expenses and keep your savings intact. This setup helps you preserve your life savings and ensures you have sufficient funds for other needs or travels throughout your retirement years.

Having life insurance helps make sure you live comfortably and worry-free in the latter years of your life.

5. Better Health

The right life insurance plan can help you take better care of your health. It can help you get the necessary treatments through cash allowance or lump sum cash if you’re diagnosed with a critical illness. You can then focus on treating your illness and recovering.

With life insurance, you can avoid dipping into your life savings or getting into debt. It helps alleviate financial stress so you can focus on recovering from your illness.

6. To leave a financial legacy

Even if you don't have any dependents, you may still want to consider life insurance for the purpose of leaving a financial legacy. With a life insurance policy in place, you can designate beneficiaries (such as a favorite charity or organization) who will receive the death benefit after you die. This is a great way to make sure that your money is going to something that matters to you – even after you're gone.

Protect Your Life with InLife

While life insurance may not be something that you want to think about, you do need life insurance to protect yourself and your loved ones. So, if you don't have a life insurance policy, InLife has come up with an insurance calculator to help you. It could be the best decision you ever make.

If you have any questions about insurance in the Philippines or need help finding the right policy for you, talk to one of InLife’s professional Financial Advisors. We're here to help.