The mere mention of life insurance can be something that brings an automatic rejection for many people, then, thinking about mortality is extremely difficult for most people. Even so, getting this protection is something that can be a very important support for your relative beings, and that avoids you a lot of economic problems in case of your death.
What is the objective of insurance?
Life insurance works as a contract between an insurance company and an individual, so that a sum of money is established to give the beneficiaries of the poliza in case the insured dies. It is common for the amount to be paid by Varie depending on certain circumstances of the insured's profile, such as his age, work, and the sum that he wishes to ensure.
Although, this payment could also be given in case the insured suffers from permanent or total disability, caused by a disease or accident. So, as you can see, this medium serves as protection against unforeseen catastrophic not only for your relative beings, but also for yourself so you can get out of quite bad situations.
Possibly, the greatest inconvenience that many have to pay life insurance is to have to pay for it in an almost monthly way, or an annual cifra that could have the 5 cifras. Although, it should be said that the cost of this is regulated according to the age of the insured, likewise, there are different insurance that can be negotiated so that these payments are much easier.
What happens if you don't have life insurance?
The main problem of not having life insurance, as we have mentioned, is that people close to you who would have to cover the expenses of your death would have to make complete expenses, which could end up costing thousands of dollars that could save themselves if you pay a much smaller sum throughout your life.
However, lacking this protection can also make those closest to you end up paying debts that you left pending in your life, which could make the insurer pay depending on the type of insurance you have hired. As bonus, if you pay life insurance in a responsible way, you will get a much more positive credit history, which could help you when requesting loans or some mortgage.
If for some reason, you are unable to pay for insurance, it would be best for you to talk directly with the company to reach an agreement where you can continue secured until you manage to settle the debt. Of course, these negotiations are something that can be complicated, so it is advisable to talk about these situations from the first hiring.