[Plus Hour Campaign] Quiz 3: Have you bought life insurance? Why is life insurance important to you?

1) A

2) C

3) A

4) C
5) Yes, I bought whole life insurance plan for myself and one term plan to boost my coverage, considering my insurance needs and affordability at this life stage. Life insurance is important to me for several reason, which I have thoroughly considered before purchasing the plan:

a) It provides crucial protection for my family members. Life insurance provides much-needed funding when tragedy strikes, and being underinsured can be extremely risky. This is especially important because as the sole wage-earner in the family, my spouse, children & parents depend on me. If tradegy strikes, it would leave my dependents without a vital source of income & the result could be a domino effect of financial hardships that last for years.
As a result, this lost of income makes it harder to save for goals like education, which possbily means that my children would enter the workforce with heavy student debt.
Univeristy tuition fees could cost more than $30,000 & taking into account inflation, the amount might even double in the next 20 years. It’s also much more difficult to save for retirement because my partner would be forced to come out to the workforce and have to support a family on their own.

b) If that's bad enough, remember that our family members will probably hold a funeral for us. This is an additional expenses related to my death. In addition to any medical bills, other final expenses includes paying for a funeral, memorial, cremation, and more, which could cost a few thousand dollars. This may be a substantial and unexpected bill for anybody coping with the loss of a loved one. But life insurance can help cover those costs and ensure that survivors arrange a memorial that’s meaningful, without the financial stress.

c) In a fortunate (or unfortunate) event such that i am not dead, but unable to work as i cannot perform my duties anymore, life insurance also provides some form of Total Permanant Disability protection. If a disability strikes at any time such that i am forced to miss work because i am unable to perform my daily duties, who will take of care of me or my family? What if this injury prevents me from working for months or even years? Not only will we lose our only source of income, but possible incur additional expenses just to hire someone to take care of me.

Hence, i can be prepared for this concern as life insurance benefits can be used to cover my living expenses so I won’t have to worry about going into debt just to pay the bills or creating more stress for my loved ones.

d) Lastly, i have some personal debts/housing loan/car loan/renovation loan/credit card debts, the proceeds from life insurance can pay off debts that might otherwise leave my loved ones in a difficult position. Being debt-free provides significant relief if the household income drops or expenses rise from caregiving needs. As such, life insurance can prevent my own financial choice from becoming a burden to my loved ones.

No one can predict death, but we can all prepare for it. As a responsible man who loves his family, the wise choice is to minimise sufferings for my family, ensure that they are able to carry on life without me and protecting their future with life insurance.

A.C.A.C

While Persue selfish goals for my own furfillment, grinding and working hard. Getting life insurance helps To offset the selfishness it takes care of my family members if anything goes wrong

1.A

2.C

3.A

4.C

5.Yes. To protect my family from financial burden if anything untoward were to happen to me.

Q1. A

Q2. C

Q3. A

Q4. C

Q5. Yes, bought life insurance and some other for me and family members. It is utterly important to have one to provide financial security for ones and the family when an unfortunate event happend