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Reasons to Buy Life Insurance

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Life insurance is a great tool that will help your family in meeting their critical needs and lead a comfortable life even when you are not around. This is because the Insurer will pay the Beneficiary of your Policy a predetermined sum of money after your death. It could also be given if you are bedridden with a critical illness. Life insurance is therefore the most essential insurance policy that you can have in your savings and investment portfolio.

Why Life Insurance

As a result it has become essential these days for you to have one or more insurance policies. Here are some important reasons as to why you should buy life insurance:

Family’s Financial Requirements

If you are the only person in your family who is earning, then the family’s income will cease when you are no more. With no steady source of income, the standard of living will fall and they may not be able to meet even basic needs like education. Therefore, your life insurance policy will come to your family’s aid during such phases of life.

Loans and Expenses Repayment

You may have taken a loan along with your spouse. Or you may have borrowed money from a friend for starting a business. Also, you may have just started your family and your child is still very young. In all these cases it is your spouse who will have to bear the heavy burden of paying off the loan and managing your child’s education. These are major expenses and you can help your spouse by buying a life insurance policy early in life.

Draw Loans Against Insurance

Besides using your life insurance policy amount to repay your loans, you can also use your policy to draw a loan against it.

Diverse Investment Options

You can also use your life insurance policy as a good investment option. There are various kinds of insurance policies and you can use them for different purposes. For example, retirement plans, child insurance plans, whole life insurance plans, Term life insurance plans etc. are all good life insurance policies. Except term plans, which don’t have an investment component, all others are good investment options too.

Illnesses and Accidents

Life insurance policies are always a good protection tool against the financial pressure that you will face during a serious illness or accident. You can get treatment from the best hospitals without worrying about the financial burden. Ideally, all insurance policies should be purchased when you are young and free of illnesses.

Tax Benefits

Life insurance policies are a good way of saving tax too. Under Section 80C of the IT Act, many of the insurance schemes in India including the life insurance schemes offer tax deductions on Premium payments.

With diverse kinds of options, insurance policies are today not just meant for insurance purposes but are also attractive investment options. From childhood to old age, there are various options for everybody. You should therefore consider your young family and purchase life insurance policies early in life, when you are still young and free of illnesses.