No image Nutan Gupta 23rd October 2023

Five Basic Reasons to Buy Life Insurance

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Purchasing life insurance is an essential step while planning your financial budget. Life is full of uncertainties and therefore it becomes highly important for the breadwinner of the family to ensure that the family is well covered in case of one’s untimely death due to accident or illness. You would not want to see your family struggle for every penny after your death. They should be able to pay their household expenses, repay debts, while remaining uncompromising on their lifestyle.

Life insurance offers something for all, ranging from children to the elderly. Therefore, consider buying a life insurance policy early in life, especially when you are young, hale and healthy. If you insure yourself at a young age, you will need to pay lesser premium and your family will definitely reap the benefits of good investment decisions you take during your lifetime. So, make hay while the sun shines. Get yourself insured.

Financial security for family

Life insurance offers financial support to the family in case of the breadwinner’s death. Hence, it is the most important aspect of your life.

Repaying debt

Do you ever imagine who would handle financial liabilities, such as home loan, car loan, personal loan, and mortgage during a crisis when you are no more around? The answer is simple! Only life insurance can save your family the blushes in this scenario.

Formulate long-term goals

As life insurance necessitates long-term investment, the policyholder can formulate long-term goals. Buying home and developing retirement corpus are examples of such goals. It gives you diverse investment choices, which are available with different types of coverage.

Fulfill retirement goals

We all work hard to earn enough money so that our retirement life is without many challenges. Investing in life insurance offers you a regular source of income as it is structured to replace the lost income source. So, put some money in pension plans and enjoy a steady income after retirement.

To avail tax benefits

Life insurance also offers tax benefits. The premium you pay on your policy is eligible for tax exemption under Section 80C of the Income Tax Act.

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