Are our loved ones shielded from financial turmoil in case of our early demise? If the answer is no, then we have to consider the possibility of having life insurance.

Life insurance is an essential element of healthy financial planning. It provides protection and financial stability to the dependents/beneficiaries of the deceased and can augment burial, funeral and other final expenses.

Life insurance proceeds can likewise be utilized as retirement fund for the surviving partner when savings was used to cover exorbitant medical expenses.

Before considering life insurance, we have to take a closer look at our needs and the available options. We may consider term insurance, one that pays benefit when death occurred during the policy period; or whole life insurance that pays claims when the insured dies, regardless of age.