My father died when I was 18. He has no life insurance and I experienced how hard it is for parents to die without any life insurance. That’s why I made sure my husband and myself were insured for the benefit of our children. Then we had a housing loan from a private contractor. He did not require us to be insured, but again on our own, we bought term policies so that if something happens to my husband and myself, the kids would not have to worry. Now that old housing loan is finished and the policies are still in force. The premiums turned out to free after sometime as the dividends that I receive are more than the annual premium that I pay The term policies are relatively cheap and they are not a burden in our budget. In the long run, they served their purpose and turned out to be very cheap.
