Festival season is in full swing and to celebrate that, we are buying expensive gifts for our loved ones. While we are leaving no stone unturned to enjoy the lovely season and are spending tons of money for the happiness of our near and dear ones, I would like to put a question before you: Have you protected your family’s future by gifting them with a life insurance policy?
A recent experience led me to share my thoughts with you. A client’s brother-in-law who was truck driver in America died at the age of 45. He left his young wife with three young children- a baby girl (10 yrs), 2 twins (aged 4 yrs) along with a paralysed mother and a sick father. What is actually worse is that when I asked my client whether the deceased had any insurance coverage, he told that his brother-in-law had not left even a single penny of insurance coverage to pay for the liabilities which include the home mortgage of $700,000 -800,000 besides the expenses needed to take care of her young children and sick parents. His spouse is unable to answer any of the multiple unresolved questions/ responsibilities that she has been left with. Should she go on welfare? Or should she sell her home and go to a basement??? He has left her with a financial question that she is completely unable to answer. It’s like sitting in an exam that is God’s will (is bound to happen), where you are made to solve a question that has been written in a language that you don’t understand. If you are not aware about the very first step in the resolution of the problem, how will you resolve the whole problem! Can any reader come forward and help the surviving spouse overcome this extreme financial crisis that she is facing presently? She is unable to figure out whether she should look after her kids, should look after the disabled parents or, should look for a job. Not only this, she is deeply perturbed by the fear of losing even the roof on her head. Only if he had timely purchased life insurance, the death benefit would have replaced his income and would have helped his spouse meet many important financial needs like funeral costs, daily living expenses, medical expenses of aged parents, educational funding of his children, their marriage in future and especially, monthly mortgages.
We give expensive gifts to our children, live in expensive houses, drive luxury cars and most of us have insurance protection in place. But, some people don’t have any insurance protection. Have they ever given a second thought to safeguard the future of their loved ones in case they cease to exist! We don’t wish ill for anybody; everybody should live a happy long life. But if for instance a truck driver/ construction worker/professional earning $6000-$7000 a month cannot invest say,
$50-$100 per month to secure the future of his family, he is putting his family’s security at stake. Don’t leave your spouse with a financial question that she is unable to answer.
Life insurance is an extremely valuable gift that can save your family from undue financial stress in case you are not there to cater to their financial needs. Nobody can replace the vacuum created by your absence, but, you can at least save your family from the financial hardships that will otherwise leave them with poor conditions of survival.
When we are aware of the significance of life insurance, should it not be on top of our priority list? Don’t we people trust our spouse enough to discuss life insurance with him/ her?
Not only for married people, life insurance is equally important for people of different ages and marital status.
While for married couples, life insurance can prove a valuable tool for surviving spouse’s financial needs such as home loans, car loans and credit card balance; for parents with kids, it can additionally cover the educational funding needs of their children. Further, it is even more beneficial for single parent who is solely entrusted with all above mentioned financial liabilities/responsibilities. It’s extremely important to safeguard his/her children’s financial future. For retired people, the heirs could be saved from tax consequences applicable to estate, funeral expenses and other debts which could be paid off easily from the tax-free death benefit. This need doesn’t exclude people who are ‘single’ since many times, they have to take care of aged parents or a sibling with special needs. They may even be carrying debts which they don’t want to pass over to their parents. Life insurance can very securely cater to the financial needs of the surviving parents/sibling.
Some people say that they don’t believe in insurance. I always advise that life insurance is not a religion to be believed; it is a tool which will pass over the ONE GIFT CAN CHANGE YOUR FAMILY’S LIFE Sandeep Ahuja risk of untimely death to insurance company in case you die. While it will be extremely difficult for the surviving family to bear the financial burden of different liabilities, by merely paying a small premium to the insurance company, that risk will be undertaken by the company which has a much strong financial base and thus can easily pay out the death benefit amount to the beneficiary for his financial concerns. Finally, we do realize that life insurance is an extremely valuable financial resource which can cater to the needs of our loved ones in case we are not there to take care of them. We should never neglect purchasing life insurance and should definitely purchase it- even for a low amount, if we are able to pay only little premium. This would eventually provide our family a secure financial shelter in their times of need. As an independent insurance advisor working through Punjab Insurance Agency, I deal with different insurance companies offering plans for different types of insurance. I can explain to you in detail, the insurance plan options and coverage that are suitable for your needs and resources. Besides, I can also help you to purchase mortgage insurance, super visa insurance, disability insurance, critical illness insurance, extended medical plans, group medical plans, RESP, RRSP, travel insurance, TFSA accounts, health and dental plans along with estate planning suitable for your needs and resources.
For a no obligation appointment, please contact me.