Categorized | Life Insurance

Insurance to Cover Liabilities

Life is full of liabilities. Right from the time you start pursuing your career, responsibilities crop up. Responsibilities may begin even before you start earning. And liabilities get added one by one with time, as you mature with age. So, you get married, you have children. You dream of owning a home, a car and get loan for the same. You think about your children’s future education. You think about their grand marriage. You think about your retirement and the flow of income after that. These are all liabilities. Thanks to availability of life insurance. With an appropriate life insurance cover, you can take care of all your liabilities. Getting the right life insurance cover with add-on covers, you can enjoy a whole lot of benefits. Yes, your dependent family members can still lead the life that you have dreamt of, that you have been providing them over the years, even in your absence!

Few Liabilities of Life

Family Liabilities: With a life insurance cover, your dependant family members can follow the same lifestyle without financial worries if something untoward happens to you. Their financially secured lives are assured.
 
Loan Liabilities: So you have borrowed loans to give your family the comfort and convenience that they need. Using the loan amount, you have bought a home and a car. What would happen if you  unable to complete the payment of the loan amount when something untoward happen to you? This is where mortgage/loan insurance comes into play. Get life insurance cover for your loan liability if you have taken loans.

Liabilities for Children: Child life insurance plans are savings for the children’s higher education, marriage, and other crucial events of their life. The Policy remains in force even if something happens to the guardian during the Term of the policy.

Retirement Liabilities: With retirement, dependency is not the beginning provided you have life insurance cover for retirement. It would only mean new beginnings, enjoying a continuous flow of income, thus living the life you have always longed for, comfortably and delightfully even in your old age.

The best policy for you may not be best for another. Incomes, needs, and preferences differ from individual to individual. Get life insurance cover for your liabilities and live a life of peace. To buy the best policy, visit an insurance aggregator and facilitator’s website that has a database of all insurers, runs user friendly tools to let you get quotes and compare policies instantly, and runs a safe payment gateway.

Types of Life Insurance Plans

Term Insurance

Child Plans

Investment Plans

Pension (Retirement) Plans

Benefits of Life Insurance

Your family members continue to enjoy a good quality of life even in your absence.

Meeting of different goals, i.e. meeting of different liabilities as you grow.

Assured protection against rising health expenses for critical illnesses through riders.

Payment of regular life insurance premium, ensuring long term saving.

Safety of your money - the responsibility of all stakeholders.

Loan facility without affecting the policy benefits.

Steady source of income even after retirement.

Meets the dual need of protection and wealth creation for the long term.

Tax benefits based on the life insurance Premium paid.

Cover for mortgages and loans in case something happens to the policy holder.

Life Insurance Premium

There are various factors that determine life insurance premium for a policy holder. These include:

Age of the insured; higher the age more is the premium.

Higher premium for smokers and lesser for non-smokers.

Sex of the insured; females need to pay less.

Medical conditions; it is a must for medical check-up for term life insurance.

Dangerous hobbies may either make you ineligible or let you pay very high premium.