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Why Do I Need Life Insurance?

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If you are planning for a secure future, life insurance should be the inseparable part of your financial planning. Not only does it protect your savings for future consumption but it also helps you to grow your money.

Apart from being a contract between you and your Insurer that for a considerable amount of Premium your insurer is going to protect your Dependants financially in an event of death or any other unexpected unfortunate event of Critical Illness or at the Maturity of the policy, it also serves as a promise that you do with yourself to take care of your dependants even when you are not around.

This was about the Risk cover feature that you get when you buy life insurance plans. Apart from this utility there are many more benefits of getting life insurance.

You Get Into The Saving Mode :

Financial security is the first thing you want to attain once basic needs for life are fulfilled and financial protection of the loved ones when you are not around becomes the first priority as you do not want your family to suffer after you. This accepted wisdom will compel you to save for the future and when you get life insurance policy; you anyhow want to save at least that amount of money which is to be given to your insurer as premium.

Planning for Various Stages of Life :

When your goals are concerned that you want to fulfill at various stages of your life, life insurance provides you with the feature that allows you to fish out fixed amount of your savings at regular intervals of time period decided by you. Through this you can utilize your savings to fulfill your responsibilities, your dreams or your goals that turn up at different phases of your life.

Curb Your Tendency to Gamble for Short Term Gains :

There are various options where you can multiply your bucks in short period of time but there you also have the chances of losing your hard earned money. Investment in life insurance is a safe abode for your savings. You never lose your money but only safeguard it and mushroom your funds.

Padding Against Rising Health Expenses :

Death is not the only event when you want to look after your family. There are incidents such as critical illness or expenses occurring due to treatment of the same. Escalating health expenses leave no other way but to raise insurance claims if you possess any life insurance plan.

Growth Through Dividends :

Putting your money into best life insurance schemes would render the profits through dividends. That is the reason why life insurance is also called as investment.

Avail Yourself Loan Through Your own Savings :

Whatever is your insurance cover, you have the right to take loan against your life insurance policy. The best part is that terms and conditions and the benefits you can derive from your life insurance Policy remains the same.

Tax Benefits

Investing your money into life insurance becomes even more lucrative as you get tax rebate on the premium amount you intend to pay.

As there are so many benefits associated to life insurance, there is no reason why a person should not buy life insurance plan. In fact, having one will serve as a good foundation of your financial planning and when you will derive its fruition in the future, you will realize its need and importance at that point of your life and you will only thank yourself for buying the life insurance plan.