Short Term Disability Insurance - Short term disability insurance is a type of insurance plan designed to compensate for the lost income due to a disability
Buy a term plan and secure your family
But the question is why it is important to buy life insurance plans?
Well, irrespective of how much you earn, no one knows what the future holds as life is unpredictable and uncertain. Many people die prematurely every year because of critical illness, accident or any sort of unforeseen event.
And if you are a sole breadwinner in your family and god forbid, if you die because of any reasons be it critical illness, accident or any other unfortunate event, it could have a significant consequence for your family members. Have you ever thought how will they pay off loans & debts, bear household expenses, and meet their basic financial needs?
Therefore, it is important to buy an apt life insurance policy in order to protect your family’s financial future as it will help your loved ones to meet their various financial needs in case you’re no longer here. However, life insurance policy is not just limited to offer financial protection to your family members in your absence but also it can be purchased for various other reasons. So, don’t overlook the vital benefits of life insurance plans during your lifetime especially if you are a young individual.
In this article, we have mentioned 5 key reasons why you should consider buying a life insurance policy.
This is one of the most imperative reasons for buying a life insurance plan. Your family members are dependent on you even after you are longer in this world and you certainly do not want to let them suffer. Whether it is for paying your child’s education, replacing lost income, or ensuring your spouse avail the much-needed financial security, apt life insurance plans could cover all the financial emergencies of surviving family members in your absence.
Well, you certainly do not want your dependents to deal with financial liabilities after you are gone. Any sort of outstanding debt such as personal loan, home loan, car loan will be taken care of if you choose the right life insurance policy. As your dependents i.e. nominees will receive a sum assured from the life insurance company in an event of your untimely demise during the policy tenure. While nothing can cover the emotional loss, financial protection by opting for a right life insurance policy can help your family members to pay off debts without taking any financial stress.
Life insurance policy is an important financial instrument that enables you to invest for the long-term. Henceforth, this would certainly help you attain your long-term goals like planning your retirement, buying a new home, starting a new business, etc.
In addition to this, it also offers several investment options that come along with the different types of life insurance plans such as Unit-Linked Insurance Plan (ULIPs) and endowment plan. Such kinds of life insurance policies are tied to some specific investment products. After that, the policyholder gets dividend payments on the basis of their product’s performance. If, in case, you are planning to buy any of these life insurance plans, make sure you go through the fine print to get a proper idea of the returns as well as risks.
Who would not want their retirement savings to last until they do? By opting for an apt life insurance policy, you can ensure that you have a regular source of income each month after your retirement. Investing money in an annuity is just like a pension plan. So, invest some part of your monthly income regularly in a life insurance plan to have a steady source of income even after your retirement.
We all know that life is uncertain and no one can predict the future. But having an apt life insurance policy simply means that you as well as your loved ones are prepared for any sort of eventuality that can come your way anytime. Even with a traditional life insurance plan, you can take a sound sleep by knowing that your loved ones are financially protected if in case you are no longer in this world. In short, it ensures complete peace of mind by protecting your family members financially in your absence.
The Bottom Line
As you can see, life insurance is not just limited to offering financial protection to your family members in your absence but also there are several other benefits that can availed by opting for it.
Well, there are different types of life insurance plans are available such as term life insurance plan, endowment plan, Unit-Linked Insurance Plan, Whole Life Insurance, Money-Back Policy, etc. One can choose any of these life insurance plans as per their financial needs.