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Here are 2 insurance covers you need to protect your family

Supposing you are the breadwinner of your family, providing food on the table, paying children’s school fees, and probably servicing the mortgage you bought for the family apartment, then you must think what happens to your dependants when you are not there.

This is the reality of life that stares in the face, which unfortunately many ignore only to realise when it is too late. Yes, death is a reality and inevitably what no one has power to control when it will come.

To be on the safer side, and as a sign of true love for your family and those who depend on you for survival, it is critical that you arrange for certain insurance policies for their protection.

The benefit is that in the event of the unexpected happening, you are rest assured that your dependants could continue on the standard of living they have been used to; that they are able to continue their education to the level you had wished for them, and that they will not be chased away from their living apartment because they could not service the mortgage.

Experts in insurance taking cognizance of the reality of life have come up with some insurance products that could suit every breadwinner in the family, either as a father or mother.

The products include a life insurance policy, credit insurance policy, and personal accident policy, and the beauty of these products are that they are affordable than you can imagine.

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George Onekhena, CEO, Crown Height Consulting Services who is always passionate about providing for your dependants in the case of the unexpected said, life insurance is a key financial planning tool. He said “it is wickedness not to provide for your dependents, and death comes and they are now exposed.

Onekhena stated that a simple term life insurance is enough to ensure that your dependents sustain their living standard and children are able to continue their school.

Purchasing life insurance is considered by most people in developed economies a good idea because it enables you to live with the peace of mind that your loved ones will be financially stable after your death, or at the very least have a certain period of time in which they can get back on their feet.

Among the reasons include payment for children’s university education, unexpected medical expenses, buying a home or making an investment for retirement.

Besides that, somebody can as well decide to sell off his insurance for cash if he discovers that his children are matured and no longer need the financial support the policy would provide.

That is why in taking life insurance it is important that you look at the medium and long-term benefits of that cover so that in the event of an emergency at any given time during the life of the cover, you can quickly get a cash benefit.

Experts at Futurist First said it’s never a “fun” conversation to talk about life. But when you sit down with an expert who has your best interest in mind, you may find that life insurance is something you not only need, but truly want — to protect your family, dependents, business and legacy.

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