One of the best things about being employed is that there are lots of benefits including life insurance. Your employer company makes sure that you are covered when you become sick, disabled or in worse case scenario, dead.
The term life insurance usually means an insurance that provides financial coverage for the policy holders lifetime which usually extends to his or her immediate family. Since I am now self-employed and is not covered by my old company’s insurance I am planning to pay for my own. There are many kinds of insurance, though and if you are planning to get one, make sure you get what you really need and what fits your lifestyle best.
For example, if you own a lot of properties, make sure you get Property insurance. This will protect your family from flood, earthquakes or fire. If you own a car or a lot of cars, get an auto insurance. This covers financial loss during car accidents.
I am leaning towards the type of insurance wherein I’ll be paying some premiums and over time it will generate interest. Then I’ll get the lump sump after 20 years.
Do you have a life insurance?