Life Insurance – Why it’s so important yet so underused |24 January 2022
Esthel Didon is the very first person to purchase SACOS life insurance for the year 2022. Ms. Didon, who purchased her policy earlier this month tells us:
“I chose to take a life insurance because I think it’s a wise investment to make while I’m still young. As I’m about to leave to work on another island I know that a life insurance will protect me and benefit me in the long run. I’m aware that few people, especially young adults have a life insurance so I’d like to advise them to do like me and get their life insurance from Sacos.”
While many people currently hold insurance policies for their vehicles as mandated by the law, life insurance is something that a lot of people still do not understand or see the importance of. Yet, the benefits of life insurance are quite clear. It is among other things, a disciplined way to save some money for your future plans, such as buying your own car or even travelling the world; it can be used to cover educational expenses if you are thinking of furthering your studies; for your financial security especially if you are planning a family or if you already have a little family of your own in case something unforeseen happens to you; or even as an investment, to grow your wealth so that you can achieve your life plans. Life insurance is the ultimate financial tool for life’s unpredictable moments.
“Basically you are making a commitment to your future self to put aside a specific amount of money, this money can be used as a savings, as an investment or as an additional spending income,” says Charmayne De Commarmond, head of Life Insurance at SACOS.
Life insurance isn’t only about preparing for the worst. It can be a way to ensure a more comfortable retirement. Although this may sound appealing to most, the prospect of choosing a life plan can also be rather daunting. Insurance in general is perceived by most as an overly complicated endeavour. How do we know which plan to choose?
“It really all depends on what your specific needs are,” says Ms De Commarmond. “We have an extensive range of life insurance plans you can choose from that will provide peace of mind and protection for you and your loved ones, and yes with such a wide range, it can feel overwhelming, but our staff are well trained and qualified to take you through each and every single one of the plans, explaining them in depth, explaining how they work, what are the different term options and what are the benefits, based on what you are looking for they can recommend one to you.”
A common misconception is that Life insurance is something reserved for the more mature demographic, but Ms De Commarmond says this is not the case. Even though most young adults are not thinking about life insurance policies, they really should.
“While many have never given it a second thought or think they are still too young to need it, starting early definitely has its benefits. In fact, the younger you are, the cheaper it is! Age and health play a large part in determining how much you pay for a life insurance. Generally, the younger and healthier you are, the lower your premiums will be.”
Another advantage of taking a life policy early in life is that your policy will mature sooner in your life time.
Contributed