Complete disability protection is essential. Income interruption caused by death is terrible, but high disability is even more terrible, in addition to causing income interruption, it will also bring huge expenses, so when choosing term life insurance, it is best for policyholders to choose life insurance that has both death and full disability protection. If possible, it is best to opt for whole life insurance. Whole life insurance has the characteristics of a savings product. If you die during the protection period, the benefits paid can ease the financial pressure on your family, and if you are alive after the end of the protection period, you can also receive the benefits. Since the insurance benefits of whole life insurance will eventually be paid, many people who need to inherit assets can buy whole life insurance to achieve the purpose of transferring assets and reasonably avoiding taxes.
Many wealthy people now buy large whole life insurance, and if they die, the funds under this policy can be collected by their children. This avoids huge inheritance taxes. In many Western countries, inheritance taxes are as high as 50%, which is why many wealthy families set up family funds to protect their assets through trusts and insurance. What if the economic conditions are limited, especially if there are many elderly people and children in the family, and the main income of the family is facing the pressure of housing loans and car loans? Then buy term life insurance first, mainly to prevent the death of the policyholder and the interruption of income.
From a life insurance perspective, the biggest risk is at a young age, in case something unexpected happens at this time. The rest of his life has been fighting the economy. Just like my former colleagues, a serious illness suddenly drained all his savings over the years. Fortunately, after the surgery, the lives of the elderly and children in the family will be greatly affected. Purchasing term life insurance guarantees a sudden drop in the family's primary income, at a small cost and without much financial impact on the family.
Life protection is the most important protection, and everyone should purchase a life insurance product (especially those with elderly and children at home, as well as RV loans). From an economic point of view, buying life insurance is a small price to lock in future income, because as long as you stay healthy and work hard for decades, you will definitely earn it back.
With critical illness insurance and life insurance, this is not enough, there is another type of insurance that also needs to be equipped, that is, accident insurance, to prevent sudden emergencies
Choosing a correct set of insurance is very necessary, to better ensure the safety of ourselves and our families at the lowest price, in our lives, we often do not know which tomorrow and accident will come first, so we have to prevent in the future, in case of accidents, we will be overwhelmed, so it is very necessary to buy insurance, choose the insurance that suits us, it will also make our life better. On the contrary, in the face of difficulties and accidents, we will not know how to choose.
