Talking about death is eerily uncomfortable, so naturally, it’s not a topic often brought up in a ‘normal’ conversation. Uncomfortable as it is, we need to talk about it as death, as we all know, won’t escape anyone.
When you leave this world, you would certainly hope to leave behind a good name that people will remember, not debts that will burden your loved ones.
But some long-term debts like housing or property loans, and other commitments may outlive you, which is why it’s important to get life insurance this second.
1. Financing funeral cost
If talking about death is already uncomfortable, talking about funerals is even more so. But let’s think of it this way: everyone on this Earth shall have a taste of death, and will part ways with this world at one point.
We can’t plan how we die, but we can (and should) plan how our death is to be managed, that is by setting aside a portion of money for our own funeral. Depending on funeral rites, funerals in Malaysia can cost hundreds or even tens of thousands of Ringgit.
With a cash payout from your life insurance, your loved ones won’t have to be burdened by expensive funeral cost.
2. Clearing outstanding debts
There’s a saying that goes “when you die, your debts die with you“. This couldn’t be further from the truth as your surviving guarantors will continue to shoulder the burden of repaying your debts.
It’s true that your guarantors have entered into such agreements knowing full well that they have to bear the liabilities should anything happen to you as the borrower, but would you have the heart to leave them high and dry?
Your beneficiaries can help clear your outstanding debts with a cash payout from your life insurance.
3. Providing a lifeline to dependents
If you’re the sole breadwinner in your household, think hard and long about the future of your spouse and children when you’re no longer around to provide for them.
It’s a mountain-heavy responsibility indeed, but one that you can’t afford to put aside. If you’ve been saving consistently for your family’s future use, that’s a very responsible act. But would the savings be enough to cover your family expenses? And can the savings fund your children’s education?
Life insurance is a protection, not a financial burden
You may not directly receive the benefits of your life insurance, but your beneficiaries will be financially relieved tremendously when you’re no longer there to watch over them. Life insurance is there to help provide for your dependents in your absence. Let Bjak help you get the life insurance that you and your loved ones need Bjak.
Reference:
Bjak.my 