Why Life Insurance- Top 10 Reasons You Need To Know

 

Life Insurance is a wonderful thing to have. Though for commoners, it’s a bit tricky to understand from inside out but having a life insurance, strongly signifies the love and care you do for your dearest ones, most significantly your family members.

But not only them, you can even get an insurance on things that are pretty close to your heart such as a car insuranc

Most of us wish for a life with more joy and less or no pain and to make it a reality to a very little extent you need to do something or the other which will ensure a good and balanced life even in your hard days.

Having a life insurance is probably one of those things, you will rarely find anyone or anything in your world which ensures to safeguard your family when you are no more there to support and so it absolutely makes sense to get a life insurance without giving it a second thought.

Today, I will tell you why and yes why it is so important and you must and should get a life insurance as soon as possible. Now believe me I will make it worth a reading of this article, just give me 5 minutes of your time and you are done. Okay let’s talk about the top 10 reasons:

 

1) Looking after your loved ones, left behind

  • You wish for a long and peaceful life, but unfortunately, accidents do not knock the door before they arrive. In the worst possible scenario if you happen to lose your life then the question arrives how your dependents are going to survive?
  • It’s obvious that nothing can fill your space in their hearts and in the family, but having a life insurance can make their lives a bit easier in order to recover.
  • It will take care of the expenses of studies of your children, bills, Loan(mortgage), replaces the lost source of income, provides tax-free cash to pay estate and death duties. In simple words, life insurance can make sure the financial security of your spouse, home insurance, motorbikes and scooter insurance, business insurance, farm insurance, travel insurance and plenty of other types of insurance policies.

 

2) Pay your Debts

  • You work pretty hard every day to give a better lifestyle to your dearest ones and you never want your family to deal with financial liabilities during a crisis. So if you happen to buy the right kind of Life Insurance for you, it can pay off your active debts (might be a home loan, car loan, personal loan or credit cards loan etc).

 

3) What if a serious illness occurs

  • We never know, anything can happen. If you develop a terminal illness life insurance will help you financially. If an emergency arises you may request a withdrawal or take a loan using your life Insurance.

 

4) Save your Tax to some extent

According to Income Tax Act, 1961 under section C of 80 you can save some taxes irrespective of what insurance plan you buy. It is a wonderful benefit of having a life Insurance.

 

5) It can even take care of your business

  • There you go, if you won a business my dear this is for you. A life Insurance not only is for you and your family but there are various insurance policies and business insurance is one among them, buying which you can safeguard your business from many different perspectives.
  • If you have to buy a business insurance, your business partner can easily buy your portion of the business without any hassle. Your business partner or partners will go to a buy-sell agreement and the payout would go to the deceased partner’s nominees but without giving them a stack in the company.

 

6) It supplements your retirement plans

Everyone wants to live a better and peaceful life even when they retire. So you should buy a life Insurance and invest money on an insurance product (annuity) until you retire and get a continues amount of money flow after retirement on a monthly basis. Isn’t it awesome!

 

7) Are you young? Buying it is pretty cheap for you

  • ‘’The earlier the better’’ If you are young and your family has a good health history, your insurability is at its peak buying a life Insurance would be pretty cheap for you and also you will easily get best rates on your life insurance.
  • Even if you are single, you better get a life Insurance because you may have older parents and siblings who are your dependents. As you are single and young, life Insurance companies may ask you to buy an insurance policy which is not appropriate for you, so better you consult a financial adviser and get a detailed idea about the right insurance policy for you, keeping in mind the other assets you may own. Also, you might not be qualified for it if you are too old or have already faced serious illness, so better buy it early in your life.

 

8) The burden on the family of expensive funerals

On an average, a funeral costs around $6000-$10,000 and this would be carried by your dearest ones. At this emotional and difficult time, your life Insurance can save their lives in many ways those may not be even imagined at this present moment.

 

9) Life Insurance grants peace of mind

Money irrespective of the amount can never replace a living person. But more than anything life Insuranceanything can help in providing protection for the uncertainties in life. And that’s how you stay in peace even in your hard days.

 

10) Life insurance is absolutely the right thing to do

  • Life Insurance is an awesome tool for both helping a customer save money in a disciplined manner for a financial security in future and to create a good business for the company.
  • Life Insurance is something people do not want to talk about, but when they think about insurance with hope, it’s there allowing for a transfer of risk and providing a safety for new opportunities.
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