The Primary Things You Need to Know About Life Insurance

​Lots of criticism and skepticism still surround life insurance. For some people who already know its use and importance, they now include a policy to their personal finances. However, for those individuals who are still not convinced why it matters, the following facts might help:

1. Everyone needs life insurance, but if anyone depends on you financially, you need it the most. In case you are financially independent, you might not need the coverage. However, it can be a financial tool to some extent. Money is earned and spent; it comes and goes. You would want to make sure you have enough to get you by for a lifetime.
2. It is more than just financial aid. No one’s life is permanent, and just like when the storm threatens, we prepare for the aftermath. The financial repercussions during someone’s loss are critical, but dealing with it emotionally can be crippling, too. Financial assurance does not heal the pain, but it helps deal with the reality and responsibilities that await.
3. Life insurance is a contract and there are four people and identity involved when you purchase a policy. There is the insurer which is the insurance company. The owner of the policy is the one who pays for the premiums of the insurance. The insured is the one protected by the coverage. Note that owner and insured can be one person, but there are cases that an owner can pay for the insurance of his children. Then, there is the beneficiary, the one who will receive the claims and benefits after the insured’s passing.
4. Since life insurance can be a financial tool, it has an investment scheme, so it also has a set of risks.
5. Yes, it can be expensive, but most insurance companies offer coverage that fits your lifestyle and income. The premiums vary, and so is the benefits you can claim. It is why it’s essential to know which one best suits you.

It is inevitable to question and become apprehensive about certain things we are not sure about. Well, the more you should ask and find out what does not make sense to you. Through that, you will know and can decide better what kind of life insurance you need.

At UG Insurance Brokerage Inc, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (718) 848-7777 or Click Here to request a free quote.