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Are Life and Health Insurance Really Worth the Expense?


As money continues to get tighter and tighter for the average family, many "extras" are being cut to make room in the budget for the necessities. One item that some people may consider overlooking is insurance. Life and health insurance may seem like an unnecessary expense when they are not being used, but rest assured that there are very important and sound financial investments.

The Importance of Life Insurance

Life insurance is one of those things you hope you never use, but need nonetheless. Life insurance is insurance that pays a benefit to your designated beneficiaries if you die while the coverage is in place. The money can be use to pay your funeral expenses, which average close to $10,000, and then help your beneficiaries maintain their normal quality of life if they depended on your income.

For instance, if you are married and have children at home, your death would greatly impact your family. Not only would they be left paying the thousands of dollars due for your funeral, but they would also suddenly be without your income. They could lose their home, car, and other valuable possessions, just trying to make ends meet.

If, however, you have life insurance, your family will have a way to pay your funeral expenses. They may also be able to pay off their mortgage, and then put the rest of the money into a fund to grow over time, thus allowing them to have some income off of the interest. Your life insurance policy could also ensure that your children are able to attend college some day.

You may be thinking that you are young and healthy, so there is no need to buy life insurance. You may even be single, so your family is not a concern. This is the best time to buy life insurance, however, because your premiums are going to be quite low. Your age and health are factors that determine how much your premiums cost, so the younger and healthier you are, the less you will pay for a life insurance policy.

The Need for Health Insurance

Health insurance is not cheap, and many people feel they can get by without it. After all, they are going to be paying out of pocket for many of their medical bills anyways, because most policies have deductibles and co-pays. Health insurance, like life insurance, is one of those products that you do not realize the need for until it is too late.

Health insurance may help with day-to-day medical expenses, such as checkups and vaccinations, but many policies are designed more to help with catastrophic illnesses or injuries. If you are suddenly diagnosed with cancer or some other life-threatening illness, having health insurance is the only way to ensure that you will be able to access the treatment that you need. Without health insurance, you will have to pay out of your own pocket for your treatment, and some hospitals and doctors will demand a portion of the payment upfront.

Another reason that you need health insurance, even if you pay a high deductible and end up paying many of your medical bills yourself, is the fact that you will pay less for medical care if you are insured. Health insurance companies negotiate discounts with medical providers that you cannot receive if you are not insured.

Health insurance helps provide the assurance that you will be able to afford the care you need when you or a member of your family becomes ill. You may be required to have insurance to work certain jobs or attend school, including college. It is simply a wise investment, because you never know what your future health may be. Living without either life or health insurance is a risk that is not worth taking.

 


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