Can You Get Life Insurance If You Have Cancer – Insurance Why not getting life insurance for yourself could affect your children more than you think As parents, life insurance policies provide our children with financial stability in our absence.
This article was written in conjunction with NTUC Income. All opinions expressed in this article are independent opinions based on our research. No liability is accepted for any financial loss that may arise from any transaction and readers are encouraged to do their own due diligence. You can view our full editorial policy here.
Can You Get Life Insurance If You Have Cancer
Someone in a Facebook insurance discussion group I was part of recently shared this video from NTUC Income. If you haven’t seen it, please take a few minutes to watch it – it’s one of the best video ads I’ve ever seen, and it has one of the strongest messages I’ve ever seen seen in an advertisement.
Common Life Insurance Myths And Why You Should Ignore Them
As a father of two daughters (for now, :)), my wife and I fear the most that we won’t be there for them as they grow up. Parenthood has a weird way of doing this to you.
Before them, the most important thing for me was my career and my career. From the day my baby girl was born, I knew things would never be the same for me.
Was it a bad day at work because I had a disagreement with a colleague, or was I unfairly reprimanded by my boss? Well… it’s the workplace. Never being able to see my group of friends again. Well…that’s life.
Instead, do other simple but meaningful things that girls love, like coming home early for dinner every day, finding time to read with them every day, and being able to put them to sleep every night. On weekends, there are also activities to do, such as swimming, going to the park, taking art and music lessons. Some of these activities are chargeable, while others are free.
Why Life Insurance Can Be Important For Every Parent
In addition to these things I do with the girls, another big priority for me personally is reviewing my insurance coverage. Having two young daughters dependent on me is not something I can ignore.
Contrary to what some people think, taking out life insurance has nothing to do with getting rich. It’s not even buying for ourselves. Instead, as parents, life and critical illness insurance policies are designed to provide our children with financial stability in the event of an unfortunate event such as serious illness, permanent disability or death. If any of these events were to occur, our children’s lives would undoubtedly be affected. However, insurance payments can minimize the dramatic decline in our children’s standard of living.
When our children are young, we provide everything they need. These include daily necessities such as food, clothing, books and of course shelter. We also give them unconditional love, care, protection, time and guidance to grow in a safe environment.
In addition to meeting basic necessities, being able to afford luxuries like dining out or going to theme parks, visiting overseas countries, and buying gifts for meaningful occasions adds to the educational experiences their children can enjoy.
Life Insurance Doesn’t Have To Be Expensive
As parents, we want to continue providing all of these things to our children, at least until they are old enough to fend for themselves.
One of the first things I did after becoming a father was to buy more life and critical illness insurance. This is because I fear that even if I have the confidence to support my daughters financially, a health-related illness or accident may prevent me from doing so. I purchased the insurance policy to provide vital financial support for my daughters in my absence.
As parents, we naturally want the best for our children. Most parents are willing to make personal sacrifices, including financial sacrifices, to give our children the best we can afford. In a recent study conducted by NTUC Income, 85% of parents agreed that their children’s well-being was an integral part of their own. Eighty-two percent also agree that money and financial security are important to a child’s well-being, especially when they are young.
Even if we decide to spend more money on our children, we must remember that providing them with financial stability is not only what we can afford to give them today, but also to ensure that we continue to provide our children with the same things we have today already giving them a future.
Life Insurance Facts
Our children grow accustomed to the lifestyles and activities that we offer them today. For example, some parents may pay more for intensive programs such as violin or sailing lessons, and their children may grow up enjoying these activities. Others (like me) may prefer more mainstream activities that can be just as rewarding, like swimming, roller-skating, or martial arts lessons. In addition to events, we also buy gifts for them, etc. on special occasions and when traveling or staying abroad.
In fact, studies have found that parents spend an average of $10,300 per child per year on top-ranked items that contribute to their child’s well-being.
Either way, kids – whether they’re taking sailing or swimming lessons – are likely to find the activities equally enjoyable. As parents, we want to encourage our children to pursue these interests. For the gifts and vacations (or accommodations) they provide, it’s usually the value of the gift and the time they spend with us that counts, not just the cost.
As a parent, I have control over the lifestyle my wife and I want to provide for our daughters when we are with them. If we are healthy, we can work and support our families. We will know what we can afford and, more importantly, what we cannot afford.
Worst Excuses For Not Owning Life Insurance
However, problems arise when health issues or accidents can keep us from working and prevent our children from participating in activities they already enjoy and living the lives they are used to. Unsurprisingly, 73% of parents believe that if they are under financial pressure to choose between necessities due to serious illness or accident, they have no choice but to cut back on property-related expenses. -to be their child or to help their child. article to be happy.
It’s logic. If we are diagnosed with a critical illness, we may not be able to continue earning income. Additionally, treatment costs can increase family expenses, causing additional financial stress. Non-essential expenses, such as hobbies and interests, may be the first to be spent during this time.
But does it have to be like that? Should financial support for our children be tied to our individual ability to work? Does this mean that we can no longer support our children if we become seriously ill or have an accident?
Although no one can prevent serious illnesses or accidents from happening, what we can prevent is our children being financially affected by our illnesses. We can do this by having adequate life insurance and critical illness insurance.
Life Insurance 101: How Much Life Insurance Do I Need?
This at least alleviates the financial strain on us as parents, as our policy payout helps us cover any additional costs that may arise from treatment and recovery. Moreover, our children do not have to downgrade their standard of living and give up the activities they love. Being able to continue some of these activities can also give children a sense of normalcy at a time when families have had to make difficult life adjustments.
If a parent dies, the family must make adjustments. No amount of money can replace the loss of a parent to a young child. However, having adequate life insurance can ensure that children are not financially impacted and can pursue the same activities they enjoy with minimal disruption to their future education.
Even in close-knit and resilient families, a serious illness or tragic accident can change the lives of family members, including children. While children can adapt well, and in some cases even better than adults, it is inevitable that a serious illness or accident of a parent will also affect their lifestyle and sense of well-being. And the children themselves realize this.
According to NTUC research on income, children’s biggest concerns are their parents’ ability to afford medical care and not being able to spend quality time with them. 90% also fear that lack of money will affect their lifestyle, such as not being able to do the things they love, go on family vacations, receive gifts or buy the latest gadget
Dying Without Life Insurance
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