Slide 1: Why Life Insurance is Important to Us?
Insurance policies are primarily designed to protect you from financial disasters if any mishap takes place. There are many kinds of insurance and easily the most important of these is life insurance which provides for financial income to your family following your death. Everyone will agree that an appropriate life insurance plan is essential so that you can rest assured that the financial needs of your dependents will be taken care if something unforeseen happens to you. There are several important and compelling reasons why you should acquire a life insurance. Once you have the right type of life insurance, you can feel confident that there will be adequate money for your heirs and dependents to lead an honorable life. Besides, you may have a loan liability, a car payment or mortgage that needs to be settled if you suddenly pass away. If you suddenly fall seriously ill and run up huge medical bills or there is the urgent need to meet the funeral costs, your survivors need not feel helpless and suffer from paucity of funds. It is a grim fact that many families get into serious debts when the lone breadwinner suddenly passes away. If you have a life insurance policy with adequate cover, you can feel supremely confident that your dependents will not turn destitute in the event of your death. Life insurance policies are important for a variety of reasons including debt repayment, income replacement, estate planning etc. Without a life insurance policy, your death could spell financial disaster for your heirs and can irreparably damage their financial future. If you are a working spouse, chances are your family relies on your income for livelihood. A life insurance policy can help to replace that income at least for a short period till the family is able to explore alternate means of income. A life insurance policy can help them pay off whatever debts you leave behind. It is unfair that you should saddle your spouse or children with any unsettled debt burden. If you have school-going or college-going kids, a life insurance policy can provide funds to pay the tuition fees and their educational pursuits will not be affected. If you happen to own a large estate to bequeath to your heirs, then there will be estate taxes to pay. A life insurance policy will come in handy to settle the liability and prevent liquidation of your assets. Do not imagine that life insurance will only be payable to the beneficiaries after your death. Life insurance policies can also have a savings or pension component which can become a source of income for you post retirement – if you happen to live long enough.
Slide 2: Many people may not be aware that the right time to buy life insurance policy is when you are young, healthy, physically fit and free from ailments. The premium payable will be a small amount and you will be required to pay the same premium until the age of 65. This will mean tremendous savings and therefore the golden rule is the earlier you buy life insurance, the wiser you are.
Source: http://www.forhealthplans.com
