Life insurance today is one of the most important products which will help the family meet their ends and lead a normal life even if you are not around. The reason for this is because the insurance company will pay your nominated beneficiary a predetermined sum assured after your death. Not just in case of death but when if you are confined to bed with some illness then also the insurer will pay you a predetermined sum of money. Thus it becomes a most essential to have in your investments and saving portfolio.
Since a lot of private players have also made their way in the business of life insurance, one must make sure that before buying an insurance policy, he/she should compare insurance online so that he/she gets the best-suited product for his family.
Let’s discuss some of the most important reasons why one should have a life insurance:
- Family’s Financial Requirements: If you’re the sole earner in your family then it is imperative that you should buy a life insurance as soon as you can otherwise your family’s income will halt if you’re not around. A steady income is of utmost importance to maintain a decent standard of living, and meet the basic needs such as rent, grocery and education among others. Therefore, if you’re not around your life insurance policy will help your family meet their financial requirements on their own.
- Diverse Investment Option: Your insurance policy can serve as a good investment option for your portfolio. Having said that one should compare and buy insurance policy online. Buying online saves your time as at one stop you can compare various company’s product and can choose the best available option for you. In life insurance, there are various policies that serve different purposes like child insurance plans, retirement plans, term life insurance plans and whole life insurance plans among others. Barring term insurance rest all products are a very good investment options as time and again these products have fetched more returns than any other banking products.
- Tax benefits: Under Section 80c of the income tax act various insurance products including life insurance are exempted for a certain value and hence life insurance policy can act as a tax saving instrument as well.
- Illness and Accidents: Life insurance policy doesn’t get materialized only when one is dead but is actually a protection tool that takes care of your financial pressure if u suffers an accident or serious illness. Having said that one should buy a policy when he is young and injury free or have not suffered illness before.
- Draw Loans Against Insurance: If you’re in urgent need of cash you can use your policy to draw loan against in minutes. Thus in times of crisis, a life insurance policy acts as gold.
With various kinds of options available in insurance, one should actually look at it as an attractive investment tool. From childhood to retirement, there are products for almost all age group. Therefore, you should consider buying a life insurance policy at the earliest.