They say there’s nothing certain in life except for death and taxes.

So if life is so full of uncertainty, doesn’t it make sense to manage the risks involved? Life insurance, in its various forms, was born out of the desire to manage the risk of death (especially premature death), disability and major illness (that could lead to disability or death).

The assumption behind wanting to manage this risk is that you wish to – should anything untoward and unexpected happen to you – maintain a decent standard of living for either yourself and/or your loved ones (unless you have a devil-may-care attitude towards life).

This means you want the best-case scenario of being able to stay healthy (and alive) so as to provide for yourself and your loved ones, as well as not become a burden (for instance, disabled and dependent through accident or illness).

The truth is, ...