There is no argument. Everyone today, whether productive or not, needs life insurance. Life insurance Miles City products will be wide and varied. The motivation for providing such a basket of products is designed to cater for every whim and need of both the commercial and private consumer. There was once this perception. Single men and women do not need life insurance. Why should they?
After all, they do not have any dependents. Should they die, who are they going to leave their assets and liabilities to in the sense that their perceived survivors are wholly dependent on them for their livelihoods. Speaking of livelihood, that is one critical factor that needs to be brought to bear. A fully active and productive professional could lose his ability to work in the blink of an eye, whether through accident or serious illness or disease.
And with that, he loses his ability to earn an income. He becomes incapacitated. But he does not ever need to be dependent on the state or others for his welfare, not since he can take out disability cover. When he loses his ability to be productive, and medical records are able to substantiate and confirm this, the disability cover will kick in. Disability cover also takes into account temporary loss of income.
The policy holder is able to claim benefits for the duration of his illness or recuperation. And once he is ready to be productive again, that part of the cover will cease. Life cover can also cover the policyholder in the event of retrenchment or redundancy. The prudent course of action here is that the policyholder does not intend to stay in this stagnant state indefinitely and therefor the cover here is limited or restricted.