We all want financial stability and secure our future, for ourselves and our families. For that, we look into various options and tools available that we can invest in to achieve financial security. One such tool is life insurance – which can help you secure financial stability in your present and your future.
We have always heard people talk about life insurance like it’s a complicated thing – while it actually isn’t. People are often overwhelmed by the paperwork, numbers, calculations, and technicalities of the insurance policy and do not buy one for themselves. But that’s where they are wrong, so William Schantz decided to compile this article.
Even though life insurance is beneficial for everyone, there has been a lifelong debate around it. People are always confused about who needs life insurance and why they shouldn’t invest in it. This happens mainly because we have always heard people buying life insurance only in time of need. Today, we decided to tell you what life insurance is and why you can be someone who needs it.
What is Life Insurance?
Life insurance is a contract between a policy insurer and policy owner which guarantees to pay the insurer or their beneficiaries an amount of money. Your beneficiaries are permitted to receive this amount if you pass away during the contract; however, if your policy is for your medical bills or college debt then you can get it against your policy while you are still alive. This amount is paid to you or your beneficiaries against the premiums you paid the policyholder during your lifetime.
William Schantz: Who Needs a Life Insurance?
Schantzbelieves everyone should get a life insurance policy to guarantee a secure future for themselves, but there is no doubt that some people need it more than others. Let’s get to know about them.
● People Who Own Property
If you are someone who owns a property or properties, you need to sign up with a suitable insurance policy today. This is especially important if you own a property with someone – this can be your spouse, one of your siblings, or even your business partner/friend. Since death is inevitable and you can guarantee who will pass away first, it is best to get an insurance policy so one person doesn’t have to suffer from loan payments and taxes alone.
● Parents with Minor children
Children depend on their parents, and if you have kids financially dependent on you. You need to secure their future if you die early or face a loss of income. Your insurance policy can cover their health, education, and living expenses.
● Spouses who Stay at Home
Spouses, especially wives who stay at home and take care of house chores and children, need an insurance policy to secure their income even after their spouse passes away. This is important because, as a stay-at-home spouse, you have an economic value for your work, and you need a stable income.
● People with Disables Person Under Care
If you take care of a disabled person -it can be your old parent or a child, you need to get life insurance. People with special needs require lifelong care, and you need to secure their finances even after your passing.
Schantz: Invest in a Life Insurance Policy Now
Most people underestimate the power of life insurance, but William Schantz says it’s essential to understand your insurance policy can be life-changing for you and your family. To secure your finances in the future, especially if you belong to the list of people mentioned above, it is absolutely necessary to start researching suitable insurance opportunities.