Insurance Talk: The Why, The Which, and The Who

Life insurance policy paperworkAre you familiar with this acronym: Y.O.L.O.?

It stands for “You Only Live Once” and it can be interpreted in two opposing ways — you only live once so might as well have all the fun and leave it to chance, or you only get one shot at life so you might as well plan for your future thoroughly.

If the second interpretation is more your thing, then you’re probably the type to get hyped-up about life insurance or any insurance savings plan. And you’re all the better for it.

But first things first

Why?

You need life insurance for many reasons. The most obvious is because you love yourself enough. Purchasing one means you know how to look after yourself and that you are in control. A less obvious reason is you care enough for your loved ones, your dependents, and you want to look after them — especially if circumstances turn against your favor.

Buying life insurance is also about financial flexibility and viability. With a policy you can sell and transfer, for instance, it is easy to keep your peace of mind.

Which?

There are many kinds of insurance policies, and which suits you best is a matter of research. Before making a decision, make sure to compare as many quotes as you can get. Know the specifics of each policy and weigh each option’s pros and cons. Although your goal is to get adequate coverage, it is also smart not to overbuy. Remember that you are signing up for a fixed and non-negotiable expense so it only follows that you consider your financial capacity.

Who?

If you were to entrust the safety of your loved ones to a particular person, who would you choose? The same principle that will help you answer this question applies to choosing a policy provider. Who can you trust the most? Who has shown a history of utmost reliability? Once you answer these questions, signing up for a policy becomes easy.

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These are only some of the questions you should ask yourself when getting an insurance. You only live once and might not be able to turn back, so make the best choice.