God’s precious gift

Life is considered as a precious gift from God and as individuals we have a purpose in life. Thus, it is significant that we have to manage and live life with God. But aside from our spiritual needs, we also need to nourish our bodies, take our vitamins, chat with our family and friends or engage in some extracurricular activities for fun and recreation.

It is also essential to have further preparation for our future by having life insurance not only for our own benefit but also for the good of our loved ones. When we are at the point of having our own family, our obligation is to protect them by having this kind of security. This is a contract between the insurance company and the one who owns the insurance, that if someday, the one who is insured will pass away, the insurance company will provide the resources needed for the burial, so that the family will be not stressed enough.  

There are two types of life insurance, yearly renewable term and level premium term. Yearly renewable term means it has premiums that are initially low, but these premiums increase as the one insured will get older. These plans have lessened in popularity due to the introduction of level premium term life insurance. It has a premium that remains level over a specified period of 5, 10, 15, 20, 25 up to 30 years. The annual premium increases each year after the initial level period expires, subject to company rules.