Having an impressive financial portfolio gives you the liberty to enjoy your life the way you want. While some of the options of investment are solely dedicated to wealth creation, there are a few more reliable ones like life insurance that also offers immense security apart from other lucrative benefits.
Here are the top reasons why you must invest in insurance:
Care For Your Loved Ones
For a husband, son or a father, the greatest worry is what will happen to my family after me. When you take cover for your life through life insurance, it automatically ensures the future of your family in terms of education of your children, health expenses, etc.
Handling Debt
You would never want your children or family members to face the consequences of not paying your debt. Having a life cover ensures that they have a decent amount in their hand after you are no more, to fulfill the demands of the lenders.
Meeting Retirement Goals
Everyone wants to have a peaceful and secure life after retirement with enough cash to last until the end. Life Insurance, not only offers you the option of risk cover but also to make appropriate provision to meet your post-retirement goals. Investing in an annuity similar to pension plan regularly lets you enjoy a steady income every month even after you retire.
Planning For Education/Marriage
Education is a top priority for all the parents irrespective of whether their child is a girl or a boy. Taking an education policy so that you get a good amount when the children’s education is at the peak can save you from taking a loan. Similarly, you can also have a policy that can cover the marriage expenses of your children.
Best For Long-Term Planning
Investment in life insurance is just ideal for long-term planning. From buying a property to having a second home, the amount can help you in fulfilling multiple financial milestones in your life.
For Saving Tax
All the life insurance policies are beneficial when it comes to saving taxes under Section 80C. An insurer can get the maximum tax benefit of Rs.1.5 lakh through this section. Moreover, the proceeds are tax-free on maturity or death under Section 10 (D) of IT Act 1961.
More Insurance Cover At Young Age
When you take an insurance policy at a young age, the premium is very less. So you can buy a policy with a big sum assured in your twenties and keep on paying the same low premium for the entire duration. It offers better returns and coverage through fewer premiums.
Accident Cover And Disability Benefits
Many life insurance policies also offer accident cover and disability benefits in the same premium or sometimes with a little extra premium. So in case you become disabled due to accident or illness, the policy offers you regular income or if you meet with an accident the nominee gets double the amount of sum assured.
Life Insurance Offers More In Less Premium
This insurance is taken in a set period of time and offers you long time cover in very less premium. It is just ideal for those who are investing to ensure benefits to family members after death.
So, a Life Insurance policy is a must in today’s day and age because of the above-mentioned benefits attached to it. I hope you like the article and will surely plan to get a Life Insurance policy soon.
