Why should Life Insurance be a Mandatory Investment?

“Live each day like it is your last — for we do not know what might happen tomorrow.”

Life is uncertain, isn’t it? You might have plans for tomorrow but do you know whether you will be able to live up to those plans? What if you get really sick and have to be admitted to the hospital or if you meet with a fatal accident? What if your treatment costs thousands of dollars and you are not prepared for that kind of money or if your family is not financially prepared for your death? Because let’s be real, we live ordinary lives and don’t really like to dwell on these unforeseen and uncomfortable possibilities. So how will you really pay a massive chunk of dollars to the hospital at a shot? You cannot, right? How will your family be secure after you are gone? This is where life insurance steps in. Because who doesn’t want an assurance of getting a health cover in times of unfortunate adversities.

So let’s talk about what exactly is a life insurance, what’s your role in getting one and how will it benefit you?

A life insurance is basically a contract between an insurer and an insurance policyholder wherein the insurer makes a promise to pay a pre-decided sum of money known as the benefit in return for a premium which is a fixed amount paid to the insurer either in installments or lump sum. It is like a barter system wherein you will get a benefit of a certain amount of money after you pass away because you have already paid the insurer some money that you both have agreed upon when you applied for a life insurance policy. Most insurance policies also cover critical and terminal illnesses as well as funeral expenses.

After you have carried out your research on life insurance policies and what they do, you will have to have a clear view as to what are the conditions in applying for a life insurance if you have pre-existing health issues.
If you have a heart disease, diabetes, cancer, high blood pressure, kidney or liver disease, it will not mean that your application for a life insurance will be denied. However, it may add obstacles to your application process and slow it down.

Get your medical check-ups done and be clear about the pre-existing health conditions that you might have and look at the range of policies and how much different companies are quoting.

As you think about opting for a life insurance, it is sometimes better for you to connect with a financial advisor to just have more clarity on what you will be investing in. The financial advisor will have a look at your current financial situation, have a detailed conversation with you to get to know precisely what your goals and needs for the future are, and then he will help you in making the right decisions to get a policy which is apt for you. A financial advisor can benefit you more as he will not give you generic advice but would get to know you on a personal level as an individual and offer a customized plan to follow. Your investment advisor can actually help you beyond just getting an insurance. In fact, he can manage your assets in a much better manner for you and tell you about the correct investments that you should be making for a better future.

If you are planning to apply for a life insurance in Sydney, you can definitely contact Risk Wisdom and get the most accurate plan as per your personal requirements. We keep your health conditions, financial situation and future goals in mind and customize offers which best suits your needs. Risk Wisdom has been established as the best advisor for over 20 years and helps you find the best life insurance in Sydney to ensure you a trouble-free future.

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