• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

GetInsurance

  • General Insurance
  • Car Insurance
  • Health Insurance
  • Life Insurance
  • Travel Insurance
  • Reviews
  • Others
    • Business Insurance
    • Agents & Brokers
    • Home & Properties
  • Apply for Insurance
You are here: Home / Life Insurance / What is Life Insurance, and Why Do You Need One?

What is Life Insurance, and Why Do You Need One?

December 30, 2021 by Get Insurance Today

You may predict your future but what you can’t know for sure is how it plays out entirely. Regardless of how much control you’ve got, the unexpected is inevitable.

People lose their life savings; accidents happen, people die prematurely and, if you happen to be the sole breadwinner in the family and have any of these experiences, they could have devastating consequences for your loved ones. The worst-case scenario is that your loved ones may no longer maintain their standard of living.

The least you can do to ensure that is to protect the financial future of your family by buying a life insurance policy. It’s one of the essential financial decisions you’ll make and very rewarding too.

Reasons you need to secure your future with an Insurance plan:

Some of the most important reasons why you need one include:

  • Dealing With Debt: Some breadwinners leave their loved ones swirling in debt when they pass away. You can take care of any outstanding debt such as home loan, car loan or even personal loan if you buy the right insurance policy. You would want to save your family the stress of dealing with financial issues during a crisis.
  • Peace of Mind: When a Life Insurance policy covers you, your mind and that of your loved ones are at rest because everyone is confident that they are protected from unforeseen circumstances. You will no longer have so much to worry about their financial future and can rest easy knowing that they can maintain their current lifestyle. 
  • Funerals Are Pricey: Funerals can be quite expensive in this part of the continent. A small life insurance policy will ensure that your final expenses are covered so your family doesn’t have one more worry at an already stressful time. 
  • Fund Your Retirement Dream: Permanent life insurance policies accumulate a cash value over the life of the policy that can be borrowed with no tax incurred. These policies can fund your retirement plans if your other investments fall short.  
  • Protect Your Business: Through a life insurance policy, you can insure a key employee, fund a buy/sell agreement or provide a tax-free cash infusion (borrowing against the cash value of a permanent policy). A Life insurance policy is a significant asset to your business. 

Conclusion

Life insurance is very essential to anyone and everyone. There are many insurance policies out there. But you have to choose an insurance policy that will serve a purpose even in the case of death.

Besides, many life insurance companies offer life insurance policies that have a form of investment embedded in it. This enables you to invest as well as protect yourself against unforeseen risks. Life insurance policies also get a tax rebate from the federal government.

Finally, apart from using it as collateral, life insurance policies can aid the visa application process of a policyholder. It shows the credibility of the policyholder as well as authenticates his/her identity.

You can obtain a comprehensive loan, tailored to your specific needs by using this platform. Basically, it allows you to compare loans from different lenders across Africa, ensuring the best option doesn’t slip through.

Related Posts:

  • 36 Business Ideas in Nigeria That'll Make You Money
  • 25 top insurance companies in Nigeria - 2022 updated list
  • Top Insurance Companies in Nigeria [2022 Updated List]
  • List of registered insurance brokers in Nigeria - 2022…
  • Is Disability Insurance A Good Idea?
  • Best Car Insurance Companies in Nigeria [2022 Updated List]

Filed Under: Life Insurance

Primary Sidebar

fire-insurance

Fire Insurance – What Is Covered in a Standard Fire Insurance Policy

Uncertainty is the nature of the world we live in. … Read More about Fire Insurance – What Is Covered in a Standard Fire Insurance Policy

indemnity-insurance

Everything You Should Know About Professional Indemnity Insurance

Businesses gain or lose money almost all the time. … Read More about Everything You Should Know About Professional Indemnity Insurance

Travel Insurance

Travel Insurance and How It Works

What is Travel Insurance? Travel insurance is a … Read More about Travel Insurance and How It Works

Hygeia HMO

HYGEIA HMO Review: All You Need To Know

Hygeia is a top HMO in Nigeria, headquartered in … Read More about HYGEIA HMO Review: All You Need To Know

Archives

Follow Us Online

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter

Related Posts:

  • 36 Business Ideas in Nigeria That'll Make You Money
  • 25 top insurance companies in Nigeria - 2022 updated list
  • Top Insurance Companies in Nigeria [2022 Updated List]
  • List of registered insurance brokers in Nigeria - 2022…
  • Is Disability Insurance A Good Idea?
  • Best Car Insurance Companies in Nigeria [2022 Updated List]

Footer

  • About GetInsurance
  • Contact Us
  • Privacy Policy
  • Terms & Conditions

Copyright © 2022 Get Insurance. All Rights Reserved.