The fundamentals of a sound financial plan are simple, set your goals, figure out your expenses, create an emergency fund, budget, clear your debt, save for retirement and plan for the worst.
Planning for the worst is something many people don’t want to do and a lot of people put it off whenever they come across the subject. However, if you face it head on you can get the peace of mind you need.
Insurance is a great thing as it gives you peace of mind. Business owners can take on ventures because they can shift the risk due to insurance. This is a sort of safety net that lets entrepreneurs explore and the same goes for personal insurance. If you ever did get all you don’t need the added worry of looking after loved ones when you’re gone. Knowing you can provide some money after passing away can take a lot of stress off you.
The problem with insurance is the majority of the time it is sold to people, they don’t buy it. A lot of people don’t really consider life insurance or mortgage insurance until it is sold to them but is it something you really need? There are loads of reasons you need insurance and especially mortgage and life insurance.
As I grew older, got married and started my family I realized that life insurance and mortgage insurance was indispensable. I didn’t only have myself to worry about but I had a family, dog and a mortgage. Knowing that money would be available if a tragedy occurred has given me the peace of mind I needed.
So why should you buy Life Insurance?
Well the cost of a funeral can set you back a couple of thousand at least and I wouldn’t want my loved ones having to worry about that. You also want to be able to look after your family when you’re gone and life insurance can provide enough money to give your kids some money or replace the spouse’s income.
In addition to providing income to everyday living expenses, you’ll need money to cover debts like the mortgage so your loved ones wouldn’t need to sell the house to stay afloat. Essentially life insurance lets your family continue their lifestyle even though your income isn’t available anymore. The amount you should purchase depends on your present income.
Many people mistakenly believe that life insurance is a scam. This is due to the fact that the money for premiums will be lost if the death doesn’t occur during the coverage period. Everyone dies but no one knows when, it could be today, tomorrow or in 80 years time but it will happen eventually. Life insurance protects your loved ones during a difficult time of loss.
Long-term sickness or accidents come when you don’t expect it. These often prevent you from working or redundancy can hit you hard! Mortgage payment protection insurance will cover your monthly repayments if you can longer make them. Typical policies will cover your monthly repayments if you can’t make them anymore. Mortgage policies typically cover you for up to two years! So it gives you plenty of time to get back on your feet.
Insurance providers don’t really turn many people down. Some people aren’t able to get life insurance due to their age or pre-existing medical conditions so if you’re in this scenario mortgage protection insurance will be your best option.
If you have a risky job or health concerns that make life insurance or disability insurance hard to get you should look into your options in mortgage protection insurance policies. Make sure you take the time to shop about and see who gives you the best deal before you commit. Have a look at sites like <a href=”https://www.hello.ie/mortgage-protection-insurance/” hello.ie </a> and see what you can find.
If you have a risky job or health concerns that make life insurance or disability insurance difficult to obtain, you should look into your options in mortgage protection insurance policies. Make sure you take the time to shop around before making a final decision – you need to know the details of the policy before you commit. Questions to ask include what the policy covers, the monthly cost, the payout you can expect, when the policy would payout, and any other features that are important to you and your family.
If you want a solid all-around financial plan you should look into Life insurance and Mortgage Protection.
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