LIFE INSURANCE

10 REASONS YOU NEED TO BUY LIFE INSURANCE

Buying life insurance is one of the most important financial decisions, but believe it or not, only 10% of Indians are insured. But why is it so important? Well, no matter how much you earn, nobody knows what the future holds. Many people die prematurely each year from an illness or accident, and if you are the only breadwinner in the family and you should die, this could have devastating consequences for your loved ones: their ability to pay household expenses, debts and maintain their standard of living.

The less you can do, therefore, is to secure the financial future of your family by buying a life insurance policy. Also, do not neglect the benefits of life insurance during your lifetime, especially if you are young. We list 10 compelling reasons to buy a life insurance policy.

1. LOOKING AFTER YOUR LOVED ONES EVEN AFTER YOU’RE GONE:

This is the most important aspect of life insurance that must be taken into account. Your family depends on you even after you leave and you certainly do not want to drop them. Whether it's replacing lost income, paying for your child's education or making sure your spouse benefits from the financial security needed, life insurance could save the day for your surviving dependents.


2. DEALING WITH DEBT

You do not want your family to deal with financial liabilities in the event of a crisis. Any outstanding debt - a home loan, a car loan, a personal loan or a loan on credit cards - will be taken care of if you purchase the proper life insurance policy.


3. HELPS ACHIEVE LONG-TERM GOALS:

Since this is an instrument that allows you to invest long term, this will help you achieve your long-term goals, such as buying a home or planning your retirement. It also offers you various investment options that accompany different types of policies. Certain policies are related to certain investment products that pay dividends based on their performance. If you opt for an investment-related policy, be sure to read the fine impressions to be fully aware of the risks and potential returns.


4. LIFE INSURANCE SUPPLEMENTS YOUR RETIREMENT GOALS:

Who would not want their retirement savings to last until they do it? With a life insurance plan, you can ensure that you have a steady flow of income every month. Putting money into an annuity is like a retirement plan - putting money regularly into a life insurance product and enjoying a steady income every month even after retirement.


5. BUYING INSURANCE IS CHEAPER WHEN YOU'RE YOUNGER:

Not every millennium needs a life insurance policy. If you have not created an emergency fund or you still reside in your parents' money, insurance should not be a priority.


6. YOUR BUSINESS IS ALSO TAKEN CARE OF:

Life insurance is not just for yourself and your family. Some insurance policies also support your business. If you own a business, your partner can buy your share of the business hassle-free


7. TAX-SAVING PURPOSES

You could save taxes with insurance policies regardless of the plan you buy. The premium you pay on an insurance policy is eligible for a maximum tax benefit of Rs 1.5 lakh under section 80C


8. A TOOL FOR FORCED SAVINGS:

If you choose a traditional or beloved policy, you pay a premium every month, which is higher than what it costs to insure yourself.



9. YOU MAY NOT BE QUALIFIED FOR IT LATER

:Life insurance policies run on uncertainties. You may be in good health now and paying a premium for life insurance may seem to be an additional financial burden, but if you suddenly fall ill, you may not be allowed but a life insurance policy.


10. PEACE OF MIND:

Death is inevitable. In the face of tragedy, the least you can do for your family is to secure their financial future.