I May Not Afford The Premiums In Future
If you have clear financial needs, budget and get insured.
Future premium payments may be a concern, but that can be worked out through proper budgeting which would include a forecast on your future earnings. Isn't this the same rationale we used in deciding to buy a house or to get married?
Modern life insurance has considered this concern and has countered it somewhat with the inclusion of the automatic premium loans (APL) and paid up features in policies. With these features, a policy with sufficient cash value will not lapse until the cash value is extinguished. Alternatively, it can be made paid-up. You should get an insurance adviser to explain these features to you.
If you can afford the premiums now, the smartest thing you could do is to start early and the build-up of the policy cash value will ensure your family is protected in later years even when the premiums are not paid because you are temporarily in a fight spot financially.
Source : For Tomorrow We Insure ; Lim Yuen Seong
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