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Life Insurance Checklist What you Need to Look out For

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The key to live a fulfilling and joyous life is to not have apprehensions. Apprehensions can be checked with a sense of security. Our apprehensions, worries and anxieties spoil the taste of life. We get entrapped in the vicious cycle of hankering and lamentation if our life is not secured. Financial insecurity is one of the biggest concerns a person has in today’s world as the importance of money is quite huge in the human society. Money not only pays your bills, it also defines your social position. That is why it is important to be financially healthy irrespective of the hiccups offered by life.

To manage and protect the financial well being, life insurance plans can help in a lot of ways. There are various types of life insurance plans which intend to solve various financial problems a person or his dependents can face due to certain situations or life stages. There are two primary problems that a person can face in life i.e. dying too young and living too long. If you die too young, there is a huge possibility that your dependents are exposed to huge financial burdens like paying off your debts, your funeral expenses and most importantly to replace your income on which they depend. To deliver you from this problem there are specialized life insurance plans like Term insurance, term with return of Premium (TROP) and endowment plans. These plans carry Death Benefit i.e. the nominee of the deceased Policyholder gets a pre-specified sum if and when the policyholder dies within the currency of the policy. Thus, if you die early your family won’t have to suffer financially provided the insurance cover was decent and is enough for the family to live without compromising on living standards they are used to.

People want to grow in their lives thus; they keep investing their money than keeping it idle. Life insurance plans provide exciting investment opportunities as well. The Unit linked insurance plans (ULIP) are a good way to grow your money as well as protect the family. Life insurers know at what stages of your life you’ll require huge money and have specific plans to cater those situations. For example, child insurance plans. These plans are life insurance plans that promote systematic savings and help build a decent corpus so that you have sufficient funds to finance major events of your child’s life like pursuing higher education or marriage. These plans also provide a death benefit to protect the child financially in case you die during the Policy period. In such event the insurance company waives off the future premiums and still continues the policy by investing in the fund on behalf of the policyholder. The responsibility of securing the child one of the biggest tensions for most people, life insurance plans solve that too in the form discussed above.

The other very strenuous problem one can face is living too long i.e. beyond your earning life. Old age without regular income or sufficient assets can be really hard. Even if you have children to look after you, your situation becomes bleak if you completely depend on them. To keep your dignity intact it is imperative to plan income for you post retirement. The Pension plans offered by life insurance companies are designed to solve this particular problem.

There are different problems and different life insurance products to solve them. The old adage “Horses for courses” hold true here. Thus, you should meet a life insurance advisor and get consultation regarding which plans you should go for depending on your life situation. When you are adequately insured, a majority of your anxieties fade away and you are able to rejoice life.