We know almost all people are in fear of dying. Too harsh of a topic to start this article with but it is true. Death is imminent in every second of the day, everywhere in the world. We cannot do anything to prevent it but we can find ways to prepare for it. Taking the warning at heart, there exist insurance companies.
Almost all people now have their own life insurance. The foremost importance of this is to provide for those you left behind. This is extremely important if you are the head of the family. Industry experts say that your life insurance should be ten times your yearly income.
In the most populous countries in the world, life insurances are a must since they are also encountering high death rates each day with the continuous growth of their number. Indonesia, for instance, where 9.764 million of its people live in its capital, Jakarta has a death rate of 6.34% according to indexmundi.com. For now, accident insurance in Jakarta is the primary priority since the city is the accident capital of the world with a person dying every 90 seconds. But what happens to those they leave behind?
Even if you do not have any material things or other assets to pass to your children or grand children, you can create an inheritance by buying a life insurance and naming them as beneficiaries. Your children would not be therefore left destitute but instead have a solid future before them.
You can also pay off debts and other expenses when you have life insurance in your aid. You do not want your children or spouse be left behind with extra expenses they need to problem with, do you?
The two basic types of life insurance are the Traditional Whole Life or the Term Life. Simply explained, the former is that which you continue to pay for the rest of your life while the latter is a policy set for a specific time. In availing which one may suit your taste, you can consult a financial advisor to discuss in detail the benefits, advantages and disadvantage of each.
About Axis Capital
Axis Capital is a group of insurance and reinsurance companies based in Bermuda but with different branches from Singapore, United Kingdom, Australia and on more than ten states in America. We have been providing clients and distribution partners with a broad range of specialized risk transfer products and service over the years.