Need For Life Insurance
What is Life Insurance?
Life Insurance is a dealing between the insurer and the policy owner, where the insurer agrees to repay the incidence of the insure persons death or other event like critical illness or incurable illness. The person agrees to reimburse the cost in terms of premium for the service. For example, claims associated to fraud, suicide, riot, war and civil disorder not covered in the insurance. It means life insurance make it sure that your family will receive full support financially even in your absence. It is one of the best ways to protect the loved ones. It seems to be strong financial plan. Following are the few things person should keep in mind before going for taking life Insurance. Person need to be sure that his wife or partner can return your mortgage. Person wants to provide security of their childrens education.
Why Life Insurance?
Life Insurance guarantees financial protection on death or accident. Several companies such as SBI life insurance and Birla sun life insurance provide best insurance policies to their customers. It allows maintenance of the same standard of living even after the unfortunate end of a loved one. The receiver can utilize the financial benefits to replace the income one would have earned or help pay off balance or other expenses. It increases confidence to the insured, offers satisfaction to cover for illness, financial loss or life.
Different types of Life Insurance are:
Term Life Insurance
Whole Life Insurance
Universal Insurance
Childrens Insurance
Senior Insurance
Benefits of Life Insurance are:
It has covers death or critical illness.
It has covers financial interests of the family on the death of the policy holder.
These products also have inherent wealth creation plan. The people take benefits of this insurance. It occupies a separate space in the land of investment options available to a customer.
Life Insurance has different products for different life stages:
They offer retirement plans.
Some products offer loan facilities against the plan.
The main benefit if life insurance is tax saving.
Person can need Insurance to cover the following events:
Fund your child's education in your absence.
Pay off outstanding liabilities.
Replace the lost income of financially dependent family members.
Secure the financial future of your loved ones after you.
Build a strong emergency fund for your surviving family in your absence.
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