Many people think that life insurance is not the best option for them because they are unable to pay the premium. But I am going to tell you that life insurance is not only meant for those who can afford to pay the premium.
It is very important for every person to have an insurance policy so that you can provide for your family in case something happens to you. Life insurance is one of the best options for providing money to the family if something unexpected happens.
Life insurance is a policy which provides a lump sum of money to your family in case you die. It will also provide money to your family if you become disabled or if you lose your job.
Life insurance is usually taken by people after they retire from their job, but it is also possible to take it before retirement.
There are two types of life insurance policies, namely, term and permanent:
Term life insurance policy
This type of policy is usually taken by people who are planning to work for a few more years. You can choose the term length as per your requirements. It is also possible to extend the term if you need extra time.
Permanent life insurance policy
If you don’t want to take a term insurance policy then you can go for a permanent life insurance policy. This type of policy will provide you with a lump sum of money when you die.
You can also take this type of policy if you are retired and want to provide money to your family. It is also possible to take this type of policy even before retirement.
Conclusion:
So, if you are not able to pay the premium then it is better that you take a life insurance policy. It will provide you with money in case something unexpected happens to you.