If your having question about Why buy Life Insurance then read the following article to clear your doubts:
Life Insurance is the Financial Protection for Unexpected situations related to human life such as death, disability, accident, and retirement. Natural or random reasons. Family income is lost when a person dies or temporarily fails/disabled.
Human Life Price, but you can decide the amount based on future income losses. As a result, life insurance, mature/fixed amount (or amount to pay if loss) is a kind of “profit”. Life Insurance products provide a certain amount of money if the insured person dies or is disconnected or separated by the insured or accident.
Why should I buy life insurance?
We all carry the risk of premature death or being alive long.
Life insurance is necessary because:
- To ensure that your personal family gets some financial support in the event of your demise
- To finance your children’s education and other needs
- To adopt a savings plan for the future, so that you have a regular source of income after retirement
- To ensure your extra income in case your income is reduced due to critical illness or an accident
- To meet other financial contingencies and lifestyle needs
Who needs life insurance: Primarily
Any person whose support is necessary for his family and he earns income, life insurance is necessary for him. In view of the economic value of the contribution made by the housewives to the family, they also need life insurance cover. Life insurance may be considered essential for children as there are risks attached to their future income prospects.
How Much Life Insurance Is Required:
The amount of life cover you need depends on several factors such as:
- how many people depend on you
- What kind of lifestyle do you want to provide to your family?
- How much money will you need for your children’s education
- what are your investment requirements
- How much can you invest?
