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Why you should buy a Life Insurance
Like a safety net that comes to your aid during times of crisis, life insurance is a mechanism that helps you alleviate financial troubles. Primarily, a person can insure his life by buying a policy from a company and paying the premiums. In return, the said insurance company promises to remit a certain lump sum amount (cover) in the eventuality of the demise of the insured person to his or her nominee. Based on the insurance cover amount and the timeframe, the premium amount varies from policy to policy, and can be paid on monthly, quarterly, half-yearly or per annum basis. The term period of such insurance products is generally 15-20 years. However, there are some policies that can have a term period as low as 10 years and as high as 30 years or more.
Money that the family members get from the insurance company can come handy in meeting their financial requirements.
Why insurance must be a part of your financial planning?
While hard work and savings are the strength behind your financial plan, insurance is the glue that holds it together. Insurance policies are of different types, each having their own set of benefits over the other. However, the purpose of all these insurance policies is the same – to protect you or your family in different ways against unfortunate events such as illnesses, accidents, disability and death.
One needs to be discerning enough before choosing an insurance policy. Keeping in mind the high cost of living and rising inflation, the premium amount must be selected wisely. In addition, there are also tax gains that one can have through investments in certain policies, thereby creating an additional incentive. But the primary motive of insurance should always be the same, financial security of the family and loved ones.
What purpose does life insurance serve?
Life insurance is crucial for people who are earning members and have family members who are dependent on their income. It could be a spouse, young children or even ageing parents. By creating a safety net, the insured person can lead a fuller and satisfied life, knowing well that the needs of his dependents will be taken care of, should anything untoward happen to him. It is very necessary that every individual should find out a suitable cover (based on his needs) and then buy a policy accordingly.
Given the unpredictability of life, insurance helps mitigate risks and also offers a helping hand in times of distress.
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