We all wish to have a secure financial future for our self and our loved ones. We also wish to have good investments so that we can retire happily. Whether you are thinking about these various investment options or planning to secure your family’s financial future, Life insurance is one safe bet that you can bank on.
Do I need a life insurance when my spouse has one?
Yes! Definitely! You need to have a life insurance even if your spouse has one. Your life is as precious as your spouse. You are as important to the family as your spouse is.
Why do you need to insure your life?
You might wonder that huge premiums that you are paying to insure your life might be a waste. But then, consider a situation where your loved ones would have financial problems if you are gone!! Now, you will understand the need for a life insurance.
Life insurance was initially designed only to cater to the needs of protecting the dependents in case of any unforeseen incidents in life. Now, life insurance comes with a host of other benefits too. Read on to find out all you need to know about the needs of buying a life insurance for yourself.
Who needs a life insurance?
If you are single and have no dependents, then it is obvious that you would not need a life insurance. But if you have dependents, then you would want to make sure that your absence would not leave your dependents empty handed. Also, if you a business owner, you need to make sure that your absence would not hamper the normal operations of your business financially. It is in these instances of unforeseen problems that life insurance comes into picture. Life insurance provides you with the required peace of mind, that your dependents are financially secure even when you are not there for them.
There are various reasons why you should consider buying a life insurance.
- Protection: This is the only financial instrument that protects your family from uncertainties the future might hold. You might be the sole earning member of the family. You would always want to ensure that your dependents are not into trouble if some unforeseen incident occurs in your life. A life insurance provides you the required guarantee that your business would not be hampered in unexpected situations. Life insurance brings you protection – that this instrument will protect you and your family against circumstances such as loss of income due to accident, critical illness or even death.
- Investment: Life insurance in one of the best investment options. Experts suggest that a term insurance not just protects you for unforeseen incidents but also acts a good investment option. Every stage of your life demands savings. Insurance provides the required saving potential, plus an added advantage of insuring your life.
- Loan benefits and wealth creation: You can borrow a large amount of money, as loan, from the insurance agencies if you hold an insurance policy. Apart from insurance and loan benefits, an insurance product like a ULIP has a strong inbuilt wealth creation proposition. You may have financial goals where you require a large amount of money after 10-15 years. ULIPs, fit these needs very well.