Death is inevitable and mistakes are irreversible, we can fight none! So why not prepare ourselves for the worst in our best days? What can prepare you better than life insurance? I’m sure you are doing reasonably well in life and have a perfect plan to make you reach your end goal with minimal hassle.
Firstly, let’s break the myth. Life insurance is an investment, not a liability! Investing in insurance is the wisest thing one can possibly do especially if you have a family that depends on you for their survival. Generally elderly with chronic health conditions require more coverage than the elderly. Before opting for insurance, make sure you go for a copay and low deductible cover. Visit Shree Balaji Investment Solution to find the best suitable plan for yourself.
If you are still addled about your getting one, here are 5 core reasons as to why is an absolute must to have a life insurance –
1- The Earlier You Buy, The Better Benefits You Reap:
This is of paramount importance! It is fine to be in the “better late than never category” but why would you possibly not want to get the best anyway? Aging is inevitable, with aging comes terminal illness. Getting life insurance after being detected with a terminal illness is next to impossible and you surely would not want to be in that position. So planning earlier will not only give you the mental peace but also a sense of security towards your family.
Moreover, being without life insurance make your further predisposed to inevitable circumstances in life. Also, a lot of circumstances can reduce your cover cap. For example, if you are a chain smoker, the chances are that the company can also reduce the maximum cover cap. Delay in buying insurance can cost you a fortune. The cover would even go down to peanuts and you surely won’t wish for that! So the sooner you buy it, the better you reap.
2- Security Of Your Loved Ones:
Who does not wish for the wellness of their family after all? Our lives have radically shifted towards a safe and secured to uncertainty and vulnerability. The odds of misfortune are higher than ever and insurance is the only way to ease your worries today. We are more prone to vulnerability than ever and planning your future is the only way to ease the play. As harsh as death sounds, it is an ultimate truth and you would not want to leave your family troubled after you.
Life insurance would help your family get through the financial burden in your absence. Especially if you are the sole bread earner of your family. The emotional turmoil is difficult to deal with but with a financial cushion, it would make it easier for your family to survive. It will let them stay solvent, maintain the lifestyle, get the best education, pay for their medical expenses, and deal better with their emotional breakdown.
We have dug ourselves in the vicious circle of liability one way or the other and nobody would want their family to carry the burden after their demise, especially if you are the sole earner. Insurances are often deemed as ‘selling fear’ propaganda but it is as real as we are. Fear is a natural human instinct that makes you act over your safety. Acknowledging your family’s needs and liability over you can always be on safer ground.
Liabilities can be harsh and unexpected for your family but your family needs to stay solvent in any worst-case scenario. They would need a replacement of your income to keep running the household and have a roof over them. Life insurance gives you a sure shot solution to this worry. It would secure your family from any major catastrophe after you. So why not?
4- Investment Not A Liability:
As we mentioned earlier, insurance is an investment and not a liability! Not buying insurance is equivalent to keeping yourself away from the safest investment plan. There are various types of insurances. The most preferred are Term Insurance and Life Insurance which is also acknowledged as Permanent insurance. Both of the said insurances differ in terms of tenure and coverage.
Life Insurance generally comes with coverage of large estates as they last for a lifetime. It can save your property from being jeopardized after your dismissal. If your policy is bound by any tenure, you can get a certain amount back after the stipulated period of time. Hence, in any case, insurance is not a liability but is a very wise investment you could make. So what is keeping you away?
5- Tax Exemptions:
The benefit of Life Insurance does not limit to security but it is also considered as one of the best ways to get a tax exemption. Life insurance is more for your family than you but it indeed it for you too! Keeping apart a dismissal, insurance can get you tax exemptions under Sec 80C of the Income Tax Act. If you are a lawful taxpayer, you can get some great tax benefits and some relief from your financial burdens.
These were 5 core reasons as to why should you get insurance but the list does not end here. Life Insurance has a lot more to it and should be a part of your active financial plan as well as for your family’s future. While most of us are dealing with uncertainty in our own ways, it is always wiser to have a concrete plan for your loved ones.
Life insurance is more for your family than for yourself. I’m sure you would not want to miss out on being responsible for them and their security in any way. There are hundreds of options available today for a hassle-free and safe insurance purchase. So if you have not bought life insurance for yourself yet, it is time for you to think of one. It is better late than never after-all!