Networth
Understanding why you should consider life insurance
- Published: 4 Nov 2012 at 00.00
- Newspaper section: Spectrum
Do you need life insurance? Not everyone does. But more often than not, people have never given this question proper consideration. Here are some reasons why you should give it serious thought.
Life insurance is not necessarily a must for all expats. However, to be practical you need to evaluate if there is a real requirement for you as an individual or family. The trick here is to think of the practical situation you would leave behind if you unexpectedly died.
Starting with a piece of paper, what would you leave behind in terms of personal liabilities or commitments? Perhaps you have mortgages or loans? These are the first obvious obligations that you would not wish to leave as a burden to your loved ones. Paying off any debts comes first as this will be a great help to your family.
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