Life Insurance can be confusing and it’s hard to know
what you really think, need or want. You will easily buy a car insurance, bike insurance or theft insurance but you never think, What about that Person who is paying all of the above if he is not there who will pay the household expenses and other Liabilities (like- home loan, car loan etc...). We need to secure the human being first rather than the Assets (These assets are going to be turn as a liabilities if the person not there who will pay the car loan, bike loan, home loan etc...). Because home, car, bike are not count as an assets till you not paid last installment of it.
If its liabilities, there must be someone who can pay all your liabilities when you are not there, and in this only LIFE INSURANCE WILL HELP YOU.
In India we look for reason to not to buy Life insurance though its help our family or in other words I must say its not for that person who is buying it, its for his family who got protect from it.
Here are five very good reasons why
you need life insurance.
1)
To Protect Your Family and Loved Ones
If your loved ones depend on
your financial support for their livelihood, then life insurance is a
must, because it replaces your income when you die. This is especially
important for parents of young children or adults who would find it
difficult to sustain their standard of living if they no longer had access to
the income provide by their partner. You will also need to provide enough
money to cover the costs of hiring someone to cover the day-to-day household
tasks, like cleaning, laundry, cooking, childcare and everything else a growing
family needs.
2)
To Leave an Inheritance
Even if you don’t have any
other assets to pass to your heirs, you can create an inheritance by buying a
life insurance policy and naming them as beneficiaries. This is a great way to
set your kids up for a solid financial future and provide for
any monetary needs that will arise.
3)
To Pay Off Debts and Other Expenses
In addition to providing
income to cover everyday living expenses, your family needs insurance to cover
any outstanding debts, like the Home loan, credit cards and car loans.
Other expenses include funeral and burial costs that can easily run into
Lakhs rupee. You don’t want your spouse, parents, children or other loved ones
to be left with any extra financial burden in addition to the emotional
burden they’re already suffering.
4)
To Add More Financial Security
Like most parents you
probably want to know your kids will be well taken care of when you’re gone.
You not only want them to get a quality college education, but to provide for
other life ventures like getting married or starting a business. For this
reason, additional coverage is absolutely essential while your kids are still
at home.
5)
To Bring Peace of Mind
We can’t know when we’ll
pass away. It could be today, tomorrow or 50 years from now, but it will happen
eventually. No amount of money could ever replace a person. But more than
anything, life insurance can help provide protection for the uncertainties in
life. Without a doubt, having life insurance coverage will bring you and your family
peace of mind. Its one thing you can be sure of and you’ll no longer have to
question whether they’ll be taken care of when you’re gone. Life
insurance protects your heirs from the unknown and helps them through an
otherwise difficult time of loss.
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