There is no denying that we always prefer insuring our home and cars to stay financially protected. What about our life? Don’t you think your life is as important as your vehicle? When it comes to ensuring lives, we always don’t take it seriously. But, the truth is that life insurance is an important protection coverage for you as well as your loved ones. Let’s learn about this crucial life insurance policy that can benefit you in multiple ways.
This insurance protects you and your family financially at the time of sudden death. Along with this, it is also useful for covering personal loans and mortgage. With this kind of insurance, you will give your family financial support even when resources are less. Not just this, several good reasons show that everyone should buy it immediately. If you want to know about this then let’s have a look at these given pointers:
Meeting the family’s financial requirements and support
When we are talking about the importance of this policy is securing the family financially in the future. Even if you are not there, your family will get money for meeting their everyday needs. The best part is that it will make the family independent. If you were the only earning member then it would be difficult for your family to meet the financial needs after you. Right from children’s education to their marriage, your family can take care of every need with this insurance policy. The loan repayment can also be done with this incredible insurance. If you want to give financial stability to your family without compromising the lifestyle then life insurance is a must.
Clearance of all the debts
In regular life, everyone takes loans for buying a home, a car or a new business. For children’s higher education, many people take a loan so that the monthly expenses don’t get disturbed. Because of your sudden death, all these loans and debts pass to your family members. In such a situation, it would be really difficult for your family to manage all the debts along with the family’s financial needs. Life insurance policy allows you to pay all the debts and loan off with the assured sum. Therefore, you must buy it for a financially independent life of your loved ones.
Financial protection to the business
Do you know some life insurance plans can cover your business? Yes, you heard it right. Along with the protection your family financially, it can also help you in your business when you are not there. Some plans of life insurance provide this sort of coverage also. If you are a business person then your business partner can buy a few business portions. The payout will be given to the family or the nominee of your life insurance cover. This kind of insurance comes with different clauses so you must clearly and carefully read them before buying them.
Advantages in tax
Another important benefit that the insured person will get from the Life insurance policy is the tax benefits. If you are buying life insurance then you will be able to save your money in from tax. No matter what is type and coverage of the insurance, you can save your taxes in the plan. Under Section 10(10D), the maturity or the death benefit is exempted from tax. You can get it cleared by looking at section 80C of the Income Tax Act that says the premium which is paid for the life insurance is eligible for deduction up to Rs 1.5 lakh which is a maximum amount.
Complete peace of mind
During our lives, we work hard to meet all the financial needs of the loved and dear ones. But, death is something that doesn’t come at a specific time. It is unavoidable & unexpected and it has to come someday. As the only earning member, your whole family is dependent on you. To make them financially stable and secure, the least that you could do is to buy a Life insurance policy that can make their future. The sum assured will take care of all the needs such as children’s education, higher studies, clearing off the debts and children’s marriage. With this policy, you can get complete peace of mind by preparing for difficult times.
With all these pointers, it is clear that a life insurance plan can help you in making your family’s future secure in terms of finance. Right from paying debts to children’s education, you will get various benefits. Therefore, every single person should purchase the right life insurance as per their budget and needs. Always remember that it’s never late to buy insurance. You can get advice from your reliable insurance agent to know about life insurance plans.