9 reasons for why we should buy life insurance right now
Buying life insurance is one of the most important financial decisions, but believe it or not, only 10 per cent of Indians are insured. But why is it so important? Well, regardless of how much you earn, no one knows what the future holds. Lots of people die a prematurely every year from illness or accident and, if you happen to be the sole breadwinner in the family and you were to pass away, it could have devastating consequences for your loved ones-their ability to pay household expenses, debts and maintain their standard of living.
1. Looking after your loved ones even after you're gone
This is the most important aspect of life insurance that one needs to factor in. Your family is dependent on you even after you're gone and you certainly don't want to let them down. Whether it's for replacing lost income, paying for your child's education or making sure your spouse get the much-needed financial security, life insurance could save the day for your surviving dependents.
2. No debts on family
Life Insurance can help your dependents cover any financial responsibilities that are left after your death. Debt can be a tremendous burden, on top of the already emotional toll your absence creates in their lives.
3. Be prepared for emergency
If you develop a serious illness, you may not be able to get life insurance to the extent you need it - or at all. If you have a terminal illness, life insurance can provide you with financial support. Life insurance can also be used in case of emergencies by requesting a withdrawal or loan.
4. To Cover Children’s Expenses
Like most fathers, I want to be sure my kids are well taken care of and can afford a quality college education. For this reason, additional coverage is absolutely essential while my kids are still at home.
5. Take care of business
Life insurance isn't just for individuals. It can protect a business from financial loss, liabilities or instability in the case of the death of a business owner/partner.
6. Life insurance supplements your returement goals
Who wouldn't like their retirement savings to last until they do? With a life insurance plan, you can ensure you have a regular stream of income every month. Putting money in an annuity is like a pension plan- put in some money regularly in a life insurance product and enjoy a steady income every month even after retirement.
7. To Pay Off Estate Taxes
Estate taxes can be steep, so having insurance in place to pay them is essential to avoid jeopardizing assets or funds built for retirement. Use of insurance for this purpose is most common in large estates, and uses permanent (rather than term) insurance to ensure that coverage remains until the end of life.
8. For a growing family
Becoming a parent for sure is one the world's most wonderful experience, but it can bring a strain on your financial balance. As any parent knows, raising a child can cost a fortune. As you add dependents it's crucial that you step up your level of life insurance protection to fit your family's needs.
9. Simply for peace of mind
No amount of money can ever replace a person. But more than anything, life insurance can help provide protection for the uncertainties in life. If you don't have one, find the right insurance plan now or even if you already have one, better to make sure it's up-to-date.
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