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Go For Personal Insurance For The Sake Of Your Dependents
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As far as personal insurance goes, I strongly advocate life insurance especially if you are in a similar business like mine, that of a property investor. I am a property dealer and like most of my like, I unwittingly have to carry a lot of debt.

 

As a property dealer I have to invest a lot and I certainly do not as yet have additional comfortable financial resources which my family can fall back upon. This point was very clearly explained to me by the insurance guy and he actually had very sound arguments on this point. As he put it, my dependents would be left struggling to pay off debts in case I kicked the bucket (he didn’t say that, I am saying it!) because property investment takes time to pay off.

 

The relative illiquidity of property would make it tough for my dependents to immediately avail of finance to meet current expenses. My spouse doesn’t work, my kids are small; I certainly don’t want them to face any trouble in case something happens to me and I also don’t believe in the superstition that if I do buy insurance for life it’s a bad omen.

 

Life insurance at least gives my dependents the security to be able to pay off any debts which may have been left outstanding by me like my credit cards or personal loans. I personally feel that anyone who is self-employed and has dependents would do good to get insurance for life because it’s better to be prepared for the future.


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