While economists have been debating whether a recession will happen this year or not, for consumers like you and me, it’s best to be ready for the unexpected. This means building a solid financial foundation amid uncertainty. Apart from having emergency savings, make sure you’ve got life insurance to protect your family in a worse case scenario. If you pass, your life insurance can provide your loved ones the financial stability they need at a time when the economy could quickly turn south.
Achieve stability
As principal income earner, your untimely demise could prove financially challenging to those who depend on you. More so, in an economic recession when there are less jobs and lower wages. But, with the right life insurance plan in place, your beneficiaries are assured of financial security, allowing them to continue paying for mortgage, credit card debts, as well as living expenses such as food and utilities.
What’s more, regardless of market fluctuations, life insurance pay outs are guaranteed. This gives you and your family peace of mind, knowing that in the event of your untimely passing, your life insurance provides funds your beneficiaries can rely on.
Weighing the cost
If getting life insurance seems costly, think of the consequences if you didn’t have any. Would your family be able to afford paying for their needs when you’re gone? How will they cope in a tough economy without a safety net?
While it’s clear to you that your family’s financial security is important, finding a life insurance that fits your budget can be a challenge. So here are some ways to manage cost and still get the protection you need.
- Consider term insurance instead of permanent insurance – Term life policies cover only a specific term (typically 10 to 30 years) while permanent life policies provide lifelong coverage for as long as you pay your premiums.
- Choose a shorter term – Match your term with your needs. A shorter term could save you money depending on your needs.
- Lower face value – The higher the face value – or the amount your loved ones will receive – the higher premiums you pay. Consider a lower face value to manage your premiums. Once your finances improve you can apply for a different policy with a higher face value.
- Talk to us – Feel free to reach out to Mercado Global’s customer reps. Let us know your concerns and what you want to achieve. We can help thresh out your life insurance options and find the best path for you to take
