Life Insurance policies are aimed with an objective to provide peace of mind to the individual taking up the policy. It is a financial security and back up to for the dependent family members in case of death or serious illness of the policy holder. The decision is worth taking because it makes the family future ready financially to combat any uncertainties.
Why Life Insurance cover is needed?
It products are a practical solution as the needs of the dependants of the deceased who are battling an emotionally tough time are adequately protected.
It is a vital element as it provides financial protection to your dependent family once you are gone.
Best solution to save and plan for retirement
To protect your assets in the event of any unfortunate accident.
Sufficient life insurance cover makes you a prudent investor.
Some more facts that help you to understand what make Life insurance cover so essential?
The requirement for life insurance becomes even more essential when so many invaluable life events start to unfold in our lives.
Buying a new dream home.
Retirement planning and becoming aware about the number of dependants during retirement.
Having debts that have to be paid
It is beyond our scope of imagination to think our lives without our loved ones. True to this, we must also take the necessary steps to secure their lives financially by taking adequate life cover once we are gone. It becomes our real obligation to arrange protection on those who love and rely on us.
While contemplating on whether you need a life e Insurance, we suggest you think on the following areas that shall help you in faster and good decision making.
If you have a family depending on you, a life insurance policy will pay a lump sum money in the event of your passing away. This amount would be sufficient to cover school fees, utility bills, lifestyle expenses.
If you have taken outstanding debts, a life insurance policy will ensure your loans are settled in the event your death.
How much Life Insurance cost?
The cost of this varies from a number of factors. Some factors that influence the cost are-
Amount of cover needed
Term of policy
Health and medical history
It's cover is also an Income replacement alternative. In the event of an accident, permanent impairment of mobility, critical illness; the policy holder's dependent family is assured of a regular income that meets out their living expenses till the time the policy holder returns to work or retires whichever is first. The premiums are tax deductible under marginal tax rates. Moreover it provides cash whenever the crunch is felt.
The need for life insurance is based on the following points
Money to be allocated for children education
Number of dependants
Evaluating whether the money can grow tougher to take care of the future rising costs.
Policyholder's affordability and the present lifestyle expenses
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