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Life Insurance - Essay Example

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She would come for us later. With the tone in her voice and the worry in her mood, we obliged without the usual questioning and resistance. I later came to appreciate this move we made as my mother had just received a call from our family friend, a colleague of my father, which the airplane that my father was flying had crashed on Mount Yuntai on its way to Washington, DC following what preliminary investigations attributed to bad weather. Though the source did not confirm the whereabouts of the passengers and the pilot, my mother was requested to report to my father’s workstation for briefing. It was hard for my father’s employer to explain to my mother that no one had survived the early morning crash, but this had to be done anyway. This was the saddest moment in a family that wholly depended on the father as the sole breadwinner; a father who was no more. This was the first time my father was flying following his two-week leave from work which he entirely spent with us. He believed in spending every moment of his free time with his family as he was barely home due to his tight job schedule. His death was almost unbelievable as the last moments spent together were filled with joy and excitement. Despite the difficult moments, father was laid to rest and life had to move on. Apparently, there was no major impact on our lives following my father’s demise as the insurance company made significant compensation to cater for our needs. Against our fears, we continued schooling at the prestigious

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private schools. It was after my high school and my siblings were in high school that my mother started her business as a tailor, a...
So many ways exist in which to offer good parenting and my parents did not fail in this responsibility. Memories of my childhood are filled with admiration, remembering how my father worked hard to give us a comfortable life.
As a family, we advise every parent to take up life insurance. Insurance companies offer quotations for this insurance cover free of charge, and could be as little as a monthly premium of $50 for a sum assured of up to $1 million (Koller 23). It is a sacrifice worth making in the long run. In making these quotations, health and age determine the premium. With younger people having longer periods to make premium payments according to Kelly (147), it would be advisable to take up the earliest opportunity possible to take up life insurance as the premium payable would be lesser. One could take up term and/or whole life insurance policy. The US Department of Veteran Affairs differentiates between the two with the former taken for given period of time before maturity while the latter matures only on death of the principal insured. Depending on one’s need, it would be advisable to take up both insurance policies. This is a risk avoidance approach where the risk of a suffering family following the parent’s demise is transferred to the insurance company (Stephens 122). This is because death is unpredictable, and though we wish it away, people should stay prepared by transferring the associated risk to insurance companies. Even though life insurance did not get us our father back, it made sure that the family income was not cut thus ensured that our lives continued normally.
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Summary

This work is written as a life story and it shows how important the life insurance is, because death is unpredictable, and though we wish it away, people should stay prepared by transferring the associated risk to insurance companies. …
Life Insurance
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