The only thing that is certain about the future is its uncertainty. To quote another adage, we need to hope for the best but plan for the worst. Surprisingly, many people do not listen to this and end up falling deep into debt because of a lack of insurance.
Insurance is a safety net against debt, but strangely a lot of people do not look at it that way. They see insurance as something that you get in case of accident, without really understanding the point of it. If you are in a car accident, especially if it is your fault, you could end up paying thousands in repairs and possibly hundreds of thousands in a lawsuit. If you are injured and can no longer work, medical bills alone will bankrupt you and result in you falling deeply into debt. If you die, your family may go into debt in an attempt to pay off the debts you incurred in your life and if you get sick, medical bills can mount and increase your overall debt load as well.
If you have $20,000 saved up to protect yourself from debt, then good on you for doing that. However, if you have $20,000 saved up and no insurance of any kind, then you are just inviting disaster to your carefully saved money. One of the most common quotes from people without insurance is "It will never happen to me" Well the truth is that it can happen to anyone, anytime.
Great Final Expense Insurance?
To better care about the well being of your family, you need to do something about your final expenses once you die. The way you do this is through final expense insurance.
Insurance such as this that takes care of your final expenses is permanent insurance, which means there are no terms that you have to worry about. You do not have to commit to a term of 10 to 20 years and then have to pay a higher premium if you want to be covered for a longer period. This is for a fixed period, which is the rest of your life, and has a fixed premium.
The Ideal Insurance Should Have
There are certain items that make up a high quality life insurance policy. When you are looking for a way to take care of final expenses in addition to any existing policies that you may have, you want something that is affordable. For instance, you do not want a policy that is going to be higher in cost just because you are higher in age. You want to be between the ages of 55 and 80 and be guaranteed coverage.
Guaranteed coverage means that you will not be turned down for coverage, even if you are 80 years old. This can be a rare find because many life insurance companies require health exams or they have an age cut off. For those who do not have any life insurance or they don not have enough, this would place them in a very difficult situation if there were not policies available to them later in life. Actually, this would place the family in the difficult situation because the family would be the ones burdened with the expenses.
