Certainly, life has many unexpected twists and dangers that would not have crossed our mind. However, there are 4 situations that are quite common and can be solved with life insurance.
1. Dying too soon
We all know someone who has died at a very young age. The tragic stories of people who leave earlier than expected are worse when they know they leave behind their children and their partner completely unprotected .
Although the statistical probability of dying at a young age is low, the financial consequences of not taking into account this possibility are very expensive. In general, the younger your family is, the more protection you will need : day-to-day expenses, medical expenses, and educational needs. Life insurance financially protects those you love the most.
2. Live longer than expected
Thanks to medical advances, life expectancy has risen significantly … and that means saving for a prolonged withdrawal.
Before, planning for a retirement of approximately 15 years was quite common. Currently, they can be 20, 30 or more. Even, it is possible that your retirement is longer than the time you worked. Therefore, saving is critical.
Permanent life insurance can provide you with cash that you can use to supplement your income during retirement.
3. Suffer a disability
Statistics say that, during working years, you are more likely to suffer an accident that generates a disability before you die . Therefore, disability insurance is important. Guarantees that if you are unable to perform your work, due to injury or illness, you will receive an income until you can return to work.
Additionally, many life insurance allow you to add disability insurance and protect yourself in case you see yourself in this circumstance.
In the case of companies, it is essential to have this insurance due to the risks and costs of suffering a disability due to an accident at work. Some of them are shown in the following infographic.
4. Need long-term care
Long-term care involves many expenses that are not usually covered by regular medical expenses insurance . Whether it’s home modifications or hiring a full-time nurse, your economy can be seriously affected by needing long-term care.
What would happen if you had to take the money from your retirement to cover those needs? Would it still be enough for your day-to-day expenses? Permanent life insurance can include the expenses generated by long-term care.
Hiring life insurance that offers flexibility to adapt to your financial needs is an important decision to ensure your safety and that of your family. At Grupo Ordás, we provide you with the necessary advice to find the best option for you. Contact us!