Below are some reasons why you should have a life insurance cover.
Proceeds from a life insurance policy can step in to pay the bills when income from the insured is lost due to death.
The death of a loved one is hard enough without having to worry about your funeral costs, which can be well over $10,000.
A family may lose their home if a life insurance death benefit is not available to help pay the mortgage.
Over time, as people age, premiums increase. The best time for you to buy life insurance is today.
You can leave more money to your family with a life insurance policy as part of your estate.
You can realize tax advantages by utilizing policies that build cash value.
College is expensive. Life insurance proceeds can help ensure that college loans are paid even if you are not there to help.
Needs change over a lifetime. You may want to look for a different type of policy or lower premiums to suit new life circumstances.
Employer provided life insurance alone might not be adequate to cover your family's financial needs.
when an estate is inherited, certain taxes must be paid. Life insurance may step in to cover your estate costs.
Safe and profitable long-term investment - Life Insurance is a highly regulated sector, through various rules and regulations car insurance company ensures that the safety of the policyholder's money is the primary responsibility of all stakeholders. Life Insurance being a long-term savings instrument, also ensures that the life insurers focus on returns over a long-term and do not take risky investment decisions for short term gains.
Protection against rising health expenses - Life Insurers through riders or stand-alone health insurance plans offer the benefits of protection against terminal diseases and hospitalization expenses. This benefit has assumed critical importance given the increasing incidence of lifestyle diseases and rising medical costs.
Builds the habit of thrift - Life Insurance is a long-term contract where as policyholders, you have to pay a fixed amount at a defined periodicity. This builds the habit of long-term savings. Regular savings over a long period ensures that a decent corpus is built to meet financial needs at various life stages. This in turn will secure you and your loved ones future.
Auto insurance coverage can be confusing but in some cases, it does not have to be.
Taking steps to ensure that your property is safe from unexpected situations
In the event of your death, life insurance gives your loved ones a peace of mind.