Life is full of uncertainties, it is always essential to plan for the unexpected. One way to protect your loved ones is to secure their financial future is by availing life insurance policy. Life Insurance provides a safety net that can alleviate the financial burden in the event of your unfortunate passing away. In this post, we will explore ten shocking reasons why you need life insurance:
Reasons why you need Life Insurance
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Providing Financial Security
The primary purpose of life insurance is to provide financial security to your family members in the event of your unfortunate passing away. The payout from the life insurance policy can help replace lost income, cover day to day expenses, pay off debts, and you maintain the same living standards
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Cover Funeral expenses
Funeral expenses have risen astronomically, and can have a big impact on your daily finances. Life Insurance can help cover these expenses, allowing your loved ones to grieve peacefully away from the stress of financial obligations
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Paying off debts
If you have outstanding debts like credit cards or vehicle loan, your family may be responsible for them, in the event of your unfortunate passing away. Life Insurance can provide a means to settle these debts without disturbing your daily finances
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Protecting Business Interests
If you are a business owner, life insurance can help protect your company and its interests. The funds from life insurance can help your business survive a transition period or can be used to buy your share from partners
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Funding Education
if you have children, life insurance can be an excellent tool to secure their educational future. The funds from the life insurance can be used to pay their tuition fees, and other expenses needed for their studies
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Retirement Income
Certain life insurance policies with cash value component can be used as an additional source of retirement income. The policies accumulate cash value over time, which can be accessed during your lifetime which will act as an additional fund aside from your retirement savings
7. Covering Medical expenses
In the event of getting diagnosed with critical or catastrophic medical event, life insurance can provide financial support. This type of policy allows you to access a portion of death benefit to cover medical expenses upon detection of catastrophic event
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Peace of Mind
The peace of mind that your loved ones would be taken care of even in your absence is a solid reason to buy life insurance policy online. This would ensure you to focus on your goals, without worrying about the future
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Lower your premiums
Life Insurance premiums increase as you age. Hence it is best advised to get life insurance policy online at a young age, which can potentially save you thousands of rupees in premium
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More affordable premiums
Contrary to popular perception, the premiums for life insurance are surprisingly very affordable. The cost of premiums will depend on various factors such as your age, health, lifestyle, smoking habits, and coverage amount. The benefits of life insurance outweigh its cost factor thereby giving you complete worth of your money and also a safety net for the future.
Conclusion
Life insurance is an important tool that offers financial protection and security for your beloved ones. From covering daily expenses to attaining long-term financial goals, it provides a safety net during challenging times. There are several types of life insurance policies each with their own set of terms and conditions. Select from whole life insurance, endowment plans, and ULIPs based on your requirement. Pick the one that suits your requirement. Don’t wait until it’s too late—buy life insurance today and secure the future of your loved ones with life insurance.
