VIEWS: 1 PAGES: 1 POSTED ON: 2/25/2011
Everyone who has a family needs life insurance in order to protect them. If you were to die as the main bread winner, this would of course leave your family in a situation of great financially difficulty. Of course their mind is likely not to be focussed on this so much the terrible loss of a family member - however it is a mistake to forget the financial aspect entirely. Without the main bread winner of the family, you would leave your family without any kind of financial support and that would place a lot more pressure on them than just the emotional turmoil of losing a loved one. At this point they may no longer be able to afford the style of living that they have become accustomed to and this might even mean that they have to move out of your home (it's also a good idea to get mortgage insurance). This would be a terrible thing to happen in any circumstance, but when they are mourning the loss of an important part of their family - of their father, their mother, their brother or whoever else, then this is the worst time to have deal with these additional stresses. At the same time, even if you aren't the main bread winner of the family, you will still likely help financially in other ways. For instance if you stay at home to look after children, then this will mean that your partner is able to go to work to earn the money. Without you they would have to stay at home to or get a nanny during the day - again meaning more emotional turmoil and more stress. Thus whoever you are, if you have a family then you should take out life insurance and should compare life insurance from several companies, as well as taking out other insurance such as mortgage insurance. While everyone needs life insurance however, there are some individuals who need it even more than others. The problem is of course, that when you compare life insurance between those who really need it and those who are safer, it is those who are at high risk that will have to pay more - of course because this presents a greater risk of paying out early for the life insurance companies. Those who really need life insurance and who can expect to pay more will have numerous risk factors that put them at more risk of injury or illness. For example, age is a very common risk factor and the older you are, the more likely you are to need to pay more for your life insurance. At the same time, if you have a chronic or terminal illness then you might have to pay a lot more, but should definitely look into finding life insurance of some kind as it will prove to be a good investment. Those with dangerous jobs should also make it a priority to choose life insurance and find a company that can offer them affordable insurance despite their risks. In some cases you might even find that some companies turn you down for life insurance, in which case you will simply have to shop around - unless you're Jackie Chan (who famously can't get life insurance) you should always be able to find a company to cater for you. Follow the links for both life insurance from RBC and others, as well as mortgage insurance.
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