Life insurance serves as a financial tool with a host of benefits
for the policy holder in the near future as well as the distant future.
Some of the benefits of Life Insurance are listed below:
Early Death - This of course is the prime reason for availing a Life Insurance policy. In case of early death of a family member who generates income, the financial loss suffered by the other members can be compensated by taking an Insurance policy. The emotional loss is high, but that can never be compensated for. At least the financial loss can be compensated, if the earning member is insured!
Protection- Life Insurance provides protection for family and self. This is the most basic but pure approach to avail a life insurance policy.
Asset Protection- Insurance helps in protecting of assets for the individual. This is because when the bread earner expires, the assets are usually sold off to sustain the standard of living of the family. In order to maintain the standard of living without selling off the assets, Insurance plays a vital role. Also, to protect your assets and ensure that no loss of income or disease can actually reduce it, Life Insurance plays an important role.
Savings based on Goals and Dreams - Individuals have different goals at different stages of his life. So depending on his present scenario, Insurance would help him save for the future so as to help him fulfil his dreams and goals.
Increase in Cost and Standard of Living - The cost of living of the consumers and the standard of living has experienced a sharp rise over the years. The increase in disposable Income has contributed to this. Individuals incur many unexpected expenses due to the growing needs. Thus, Insurance comes in handy to meet such an unexpected expense. It also makes sure that an individual is able to meticulously plan his finances.
Covers Critical Illness - Insurance is usually considered to be a post-facto tool by many people. Hence insurance companies launched a cover of the major critical illness in some of the insurance policies. By paying an extra premium you can add a critical illness cover to your insurance policy so that some amount can be paid to the customer on diagnosis of an illness and the money from life insurance policy helps the customer to recover from them.
Covers Accidental Benefits - Again, many people think that insurance policy is handy to the family members only when a person dies. But what if the person is alive and cannot earn due to some accident, illness or unfortunate event? Some Insurance policies provide for additional accidental benefits. It covers accidental death, dismemberment and disability at an extra cost.
Early Death - This of course is the prime reason for availing a Life Insurance policy. In case of early death of a family member who generates income, the financial loss suffered by the other members can be compensated by taking an Insurance policy. The emotional loss is high, but that can never be compensated for. At least the financial loss can be compensated, if the earning member is insured!
Protection- Life Insurance provides protection for family and self. This is the most basic but pure approach to avail a life insurance policy.
Asset Protection- Insurance helps in protecting of assets for the individual. This is because when the bread earner expires, the assets are usually sold off to sustain the standard of living of the family. In order to maintain the standard of living without selling off the assets, Insurance plays a vital role. Also, to protect your assets and ensure that no loss of income or disease can actually reduce it, Life Insurance plays an important role.
Savings based on Goals and Dreams - Individuals have different goals at different stages of his life. So depending on his present scenario, Insurance would help him save for the future so as to help him fulfil his dreams and goals.
Increase in Cost and Standard of Living - The cost of living of the consumers and the standard of living has experienced a sharp rise over the years. The increase in disposable Income has contributed to this. Individuals incur many unexpected expenses due to the growing needs. Thus, Insurance comes in handy to meet such an unexpected expense. It also makes sure that an individual is able to meticulously plan his finances.
Covers Critical Illness - Insurance is usually considered to be a post-facto tool by many people. Hence insurance companies launched a cover of the major critical illness in some of the insurance policies. By paying an extra premium you can add a critical illness cover to your insurance policy so that some amount can be paid to the customer on diagnosis of an illness and the money from life insurance policy helps the customer to recover from them.
Covers Accidental Benefits - Again, many people think that insurance policy is handy to the family members only when a person dies. But what if the person is alive and cannot earn due to some accident, illness or unfortunate event? Some Insurance policies provide for additional accidental benefits. It covers accidental death, dismemberment and disability at an extra cost.
2 comments:
Helpful post describing the benefits of Life Insurance Policies. Basically Life Insurance provides protection for family and self. This is often the foremost basic however pure approach to avail a life insurance policy. Thanks for sharing such useful post with us.
Nice post. All these benefits of life insurance policy convinced me. I haven't planned to obtain this policy so far but now wanted to make it soon. Thanks for listing all these positive aspects of this policy.
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