If you’re confused about the entire buzz around insurance, don’t worry – you’re not alone. With multiple companies, categories and plans, it is difficult to not get lost in the maze of over-information. It is a simple tool that provides financial aid to your family in the unfortunate event of your death. And fortunately, with new innovations, insurers bring you better benefits than ever before. If you are wondering why you should buy an insurance policy, here are some Compelling reasons
Stable Income Source For Your Loved Ones
A pivotal reason to apply for any life insurance policy is to ensure that your untimely demise does not in any way lead to financial instability for your loved ones. From their day to day expenses, to an unexpected contingency, you want to secure their interests in the best way you can.
Dealing With Debt
Typically, most of us have outstanding financial liabilities like a home loan, auto loan or credit card purchases. In your absence, paying off these liabilities could become an unnecessary financial burden on your family. Having a life insurance policy will ensure that you do not pass on the liabilities to your loved ones and are taken care of.
Indians by nature are mindful of retirement planning. Having a retirement corpus will ensure that you are financially dependent even after the age of 60 or retirement (whichever comes first). Several insurers offer pension plans that help steadily build your wealth over the years.
In Case Of Illness
There has been a significant improvement in the overall life expectancy, thanks to the medical advancement that has made treating critical diseases possible. But, these treatments come at a steep cost. Insurance serves as an ideal tool to mitigate such costs.
To Save For One’s Dreams
Saving is the gateway to financial independence. A life insurance policy instills this financial discipline through the mandatory premium payments. And through regular savings, your dream vacation or personal home is not so far.
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