Smart Choice Accountancy

Secure your family’s future

The moment we get married, start a family or buy a house is when we usually start to think about life insurance. But buying ab insurance policy is a good idea at any age, because unfortunately we are not able to predict the future, and it is good to secure our loved ones against any unforeseen events, like illness or death. It is also recommended to buy a property insurance, since the loss of the house or flat will certainly make the family suffer from negative consequences.

There are a few insurance options we can choose from. One of them is a term life insurance. It is a special type of insurance policy that is valid during a certain period of time. If anything happens to the insured within its duration, the family gets the money from the policy. However, when the time of coverage expires, both the insured and their family will nothing. So what is the advantage of this type of policy? Its price. The benefit amount is usually similar to permanent life insurance, but the monthly fees are a lot lower, which is why it is worth to give it a thought.

Permanent life insurance lasts for the lifetime of the insured. It is especially important, when you have dependents, like a non-working spouse or minor children. Especially if you are the only breadwinner, it will allow them to live at the same or similar financial level, as before.

In many companies it is possible to buy the group insurance. Employers sometimes participate in the payment of the policy fee, or it is paid by the employee in 100%, but in both cases its conditions are usually more favourable than in the case of individual policy.

Before choosing the insurance provider, it is very important to check what the policy actually covers. Insurance companies compete with each other to offer customers the best conditions, so it is a good idea to thoroughly check what each policy encompasses to choose the most attractive one.

When is the best time to buy the insurance policy? Well, it is always good to be insured. If you buy it at a young age, the premiums will be lower, and the older you are, the higher the premiums will be, so it is worth to start as early as possible. The insurance policy enables you to stop worrying about your family’s financial future at a relatively small monthly cost.

It is also worth to consider purchasing a property insurance policy. A house or flat is usually one of our biggest assets, and its loss may have tragic consequences. People who buy the property using mortgage are usually forced by the bank to buy a property insurance. In case of those who buy it for cash, the property insurance is arbitrary. But it will be very painful when the possession of our life will be flooded, burnt or otherwise damaged. That is why it is worth to insure ourselves and our family against such events and sleep soundly that we will not become homeless.

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