I originally got life insurance at the age of 24. And not knowing the true benefit of having at that age, I surrendered my policy to receive a payout. But I wish I did not, at that time most companies were offering 4% guaranteed interest. And I am not the one to use life insurance as an investment, but it is good to know if one falls on hard times they have a safety net that can possibly keep them afloat.
I eventually obtained insurance years later, and the guaranteed interest fell to 3%, where it is now(for some companies). But understanding the importance of it even more at the time it was again obtained, I got a larger face amount where in turn I am paying more money monthly. But its worth it to me. It is worth getting the coverage I need, or will need in the future, now, before I grow older, have kids, and possibly health issues. This is something I try to educate to people often.
However, with all that is going on with Covid-19, made me want to put more money into my policy to protect me and my loved ones even more.
And this is why I increased my coverage; I want my money to grow, and I want a bigger amount to borrow from shall I become terminally or chronically ill.
This pandemic virus has opened my eyes even wider to what is important. And some things that are certain.
Death is certain, but our income and our financial health is not! Nor can I rely on the financial markets to be there for me when I may need them most. But I can put faith in my life insurance policy, and the faith that I chose a great company to be insured with, a mutual company that has been around for more than a century. And at the end of the day I feel even more at peace that I am protected and covered.