The following is just a guide to assist you to determine if there is a need. In the end, the decision is yours finally.
When you buy insurance, you are actually practicing a sort of risk transfer by
· transferring a potential financial loss to
· a third party (insurer)
· Whereby the proceeds will be distributed through a will or by nomination.
The later part of the above sentence is often not debated.
What happens if there is no income to protect? A homemaker or a minor does not earn an income.
It all depends on whether the loss of your loved ones will impact you financially. A homemaker would have economic value. She looks after your home, looks after your children, sends your children to school, cooks a nice meal when you reach home, etc. In other words, in the event of ...
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