Insurance is there to protect you from financial burdens. There are many different types of insurance. The most important would have to be life insurance. It helps your dependents after your death.
When you have built up or thinking of building a family with the one you love you will probably sleep better knowing that they will be safe and secure after your death. Some financial obligation might be funeral expenses, mortgages, medical bills, college expenses for children and so on. So it would be good to have it all planned out before anything happens and you leave your family with nothing.
How mush insurance you need depends on the individual. It depends on their lifestyle, financial needs, and sources of income, debts, and the number of dependants. You will probably be advised to take insurance that amounts to about 5 to ten times your annual income. It would be a good idea to sit down with an expert to talk about why you need and want the insurance and then what insurance plan will fit your need and be the most beneficial to you. Life insurance can also have a savings or pension component that helps during your retirement.
If its planned out correctly...
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