Stages of life that shows the need for life insurance
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Dear ladies and gentlement, This week, i shall explain the part on how life insurance plays a part on our different stages in life.
You're Married
When you're married, you share everything with your significant other, including your financial obligations. Many people mistakenly believe that they don't need to think about life insurance until they have children. Not true. What it one of you were to die tomorrow? Even with the surviving spouse's income, would that person be able to pay off debts like credit-card balances and car loans, let alone cover the monthly rent and utility bills. If you're planning to have children, you'll want to buy life insurance right away and not wait until the mom-to-be is pregnant. Some companies won't issue a policy to a woman during her pregnancy. Since health complications sometimes arise, they'll want to wait until after the baby is born to issue the policy. Buying insurance before a baby is on the way helps avoid this potential problem.You're Married With Kids
Most families depend on two incomes to make ends meet. If you died suddenly, could your family maintain their standard of living on your spouse's income alone? Probably not. Life insurance makes sure that your plans for the future don't die when you do.You're a Stay-At-Home Parent
Just because you don't earn a salary doesn't mean you don't make a financial contribution to your family. Childcare, transportation, cleaning, cooking and other household activities are all important tasks, the replacement value of which is often severely underestimated. Surveys have estimated the value of these services at over $40,000 per year. Could your spouse afford to pay someone for these services? With life insurance, your family can afford to make the choice that best preserves their quality of life.You Have Grown Children
As the years go by, you may feel your need for life insurance has passed. But just because the kids are through college and the mortgage is paid off doesn't necessarily mean that CPF and your savings will take care of whatever lies ahead. If you died today, your spouse will still be faced with daily living expenses. What if your spouse outlives you by 10, or even 30 years, which is certainly possible today. Would your financial plan, without life insurance, enable your spouse to maintain the lifestyle you worked so hard to achieve? And would you be able to pass on something to your children or grandchildren?You're Retired
Did you know that depending on the size of your estate, your heirs could be hit with a large estate tax payment after you die (45% of your estate). The proceeds of a life insurance policy are payable immediately, allowing heirs to take care of estate taxes, funeral costs, and other debts without having to hastily liquidate other assets, often at a fraction of their true value. And life insurance proceeds are generally income tax free and can be arranged to avoid probate. Finally, if your insurance program is properly structured, the proceeds from your life insurance policy won't add to your estate tax liability.You're a Small Business Owner
Besides taking care of your family, life insurance can also protect your business. What would happen to your business if you, one of your fellow owners, or perhaps a key employee, died tomorrow? Life insurance can help in a number of ways. For instance, a life insurance policy can be structured to fund a "buy-sell" agreement. This would ensure that the remaining business owners have the funds to buy the company interests of a deceased owner at a previously agreed upon price. That way, the owners get the business and the family gets the money. To protect a business in case of the death of a key employee, "key person insurance," payable to the company, provides the owners with the financial flexibility needed to either hire a replacement or work out an alternative arrangement.You're Single
Most single people don't need life insurance because no one depends on them financially. But there are exceptions. For instance, some single people provide financial support for aging parents or siblings. Others may be carrying significant debt that they wouldn't want to pass on to family members who survive them. Insurability is another reason to consider life insurance when you're single. If you’re young, healthy and have a good family health history, your insurability is at its peak and you’ll be rewarded with the best rates on life insurance. If you anticipate a need for life insurance down the road (e.g., you’re the marrying type) and you can fit the premiums into your budget, it might make sense to lock in coverage while you're young and single. Doing so can eliminate the worry of having to qualify for coverage when you’re older and maybe not as healthy as you once were. -
which company are you from?
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AIA? Prudential?
Sounds familiar to what someone tried to told me by selling some savings plan.
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haha...i am not going to say anything regarding my company nor my contact details. My purpose in this forum is just to share my knowledge as i have mentioned before. I can give you advice here if ya wants..sorrie
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the same sales pitch ober & ober again.
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Ah boy, this is not the place for advertisement.
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it's not a sales pitch anyway. Purely sharing sme knowledge. Believe it or not u can ask fireice or others who have seen my previous post.
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Originally posted by Ah^-^Boi:
haha...i am not going to say anything regarding my company nor my contact details. My purpose in this forum is just to share my knowledge as i have mentioned before. I can give you advice here if ya wants..sorrie
Many insurance agents say the same as you. WE not ignorant. -
ask wat?
u say de tings, we all know & hear b4 le.
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Sounds like a sales pitch with reverse psychology thrown in.
Share your knowledge, claim you're not, then want to find out more, PM you. -
Everybody here...at least 8 out of 10 believes that i have an ulterior motive for posting things like this. I know that all of this replies thinks that i am just like any agents out there who is posting this to earn money and think that nobody would do things like this for free.
Just because i am an agent, u guys have already stereotype me already. Thinking all the worst possible things abt me. Take a closer look at my post, did i mention anything abt sales?? This is just smething for you guys to see and knows more thing abt it. Isn't this wat forum is all about?
I have no regrets and would gladly receive all the complaints, insults and remarks made abt me. I want to post here is because i wanted to share my knowledge with you people. I strongly believe in use of insurance and hope you guys can really learn smething frm it and instead of discriminating it just because it concerns insurance. Remember i am just like anyone of you here...thanxs..
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k lah, k lah.
u sibei kind lah.
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You don't mention about sales at the start, coz you don't want us to stereotype you.
You want to drill our subconcious, and then we PM you for details, then the sales drilling starts. -
Originally posted by ditzy:
You don't mention about sales at the start, coz you don't want us to stereotype you.
You want to drill our subconcious, and then we PM you for details, then the sales drilling starts.
Ya, right. Never believe an insurance agent if he or she say not sales. They good at playing psychology as well. -
I would like to buy insurance to protect myself against insurance companies who die die dun wan pay out on insurance claims until I jump off to MRT track and really die. Wu bo?
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i think u have existing thread rite?
dun mind can continue there.
agents bery irritating oredi, dun make urself more irritating