In the United States, it is not a mandatory by for anyone to take life insurance but, this is not the case with health insurance. The law deems it mandatory for people whose income exceeds a certain level to buy it and those who do not must pay an extra annual tax assessment. This is done to compensate for a condition in which why are unable to manage health care expenses themselves, due to which public funds are used for treatment.
However, in the US, taking a life insurance policy is seen as a form of wealth building. By opting for a plan that gives significant returns when the policy holder passes away, the dependents get a huge amount of money through which they can meet financial obligations.
Dependents like an aged spouse else a child with special needs, certainly need the money to pay for their daily needs and live with dignity. Furthermore the policy payout can be used by them to meet financial expenses, mortgage payments, loans and other expenses that are left behind by the policy holder and make them financially fit.
If the policy has a significant amount of return built up in it, the dependents stand to inherit a lot of money. Furthermore, if the policy nominee is a charitable organization, they get a good income through which people in need of social service are provided assistance.
It is not about only the United States, but also in every country, health insurance should be mandatory and also life insurance.
Life Insurance Is Now Mandatory
What is our personal responsibility of me and my family? It should be mandatory in my family to have life insurance for every person and kids. We should ask the same question from ourselves. Weather we should have life insurance or not. If poor can not afford this life insurance, the Government of the State should provide them to make them financially independent and secure their lives. I saw the condition of one family who did not have any policies and suddenly he got a massive accidents in his life. What will happen to his family?
So, It is mandatory for you to take responsibility for yourself and your family members and secure their future. You can contact your insurance agent to calculate your needs or your can check life insurance quotes online by entering the zip code.