Why Singles or Young Families Should Get Life Insurance

 

A 36-year-old woman died while giving birth to quadruplets in Phoenix, Arizona because of high blood pressure. She was about 7 months pregnant when she delivered 3 girls and one boy, but unfortunately, she was not able to see them as infants. It’s always a good thing to give thought on getting a Life Insurance.

This is a rare scenario, but this reminds us of the reality of life. At a spur of a moment, her husband now catches the whole responsibility of taking care of four newborns. How about his job? Is their situation like the Philippines (or the Philippines 50 years ago) when families are closely-knit and can survive with a dozen children?

In the Philippines, taking care of babies could cost up to P3,000 per week. If multiplied by four, the husband is surely facing a tough situation.

Consider if the husband got his wife a life insurance. It would be at a cheaper premium per month yet could save him a lot of time and money when this case arrived. Yet not much people know and do this.

The Philippines has, as of the moment of this writing, has a statistically very low percentage of the population being insured (around 25% as of 2012).

Here are the reasons why one should get Life Insurance early in Life:

  1. Premiums are lower because age is younger- the higher the age, the higher the risk of death, and therefore the higher the monthly premiums are.The Young Person’s greatest asset is time. If he or she will live continually until 70 or 80, the greatest asset that he can pair with his money is time. “Compound interest is one of the 8 wonders of the world,” Einstein said.
  2. No illnesses yet- Statistically, young people have no or less illnesses, and thus premium payments are lower. You are more capable to pay to the full, instead of considering it at the later part of your life.
  3. You don’t have wife or children yet- It would be very much cheaper if one will secure a life insurance when he/she is still single. The concern will arrive the day when you are challenged by having children, work/business and wife to take care. Plus when illness arrive, insurance will help and somehow alleviate your concerns. It pays to prepare ahead.

Update: Sun Life Financial named one of the 2016 Global 100 Most Sustainable Corporations in the World

As a Sun Life Financial Adviser, you can schedule me an appointment so I can provide you with financial advise and recommendation to help you with your needs.

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