Benefits of Life Insurance & Why you should invest in it

There are several reasons for buying a life insurance and all of them revolve around security for your family and you. It is a great way of taking care of your loved ones and preserve their quality of life if something unexpected were to happen to you.

Five top reasons why you need life insurance:

  • Family needs

Sudden death of the breadwinner leaves the family emotionally shattered. But the harsh truth is that income also has ceased with you. Your family has no time to grieve but worry about future finances and how to make ends meet. Can they continue to live in their home? Can the children continue with their education?

Life insurance is designed to take care of your family’s immediate and later needs. And allow your beneficiaries to continue in the same lifestyle as earlier.

  • Debts

You may have a housing loan or other debts and been paying monthly installments. But your unexpected demise leaves everything in a mess. Now who is going to take care of your EMIs? How will your family pay off your debts?

Life insurance will take care of all this and the lumpsum payout on death will put your finances in order.

  • Illness/accident

An unfortunate accident or a serious illness can be a huge financial burden. You are left helpless because there are so many things to take care of… like running the house, children’s education fees plus your medical/hospital bills.

Life insurance will act as a savior and bring relief. While you recuperate, your policy will take care of your expenses to a great extent.

  • Business needs

A sudden death can throw things into disarray especially if you have a business. The burden of running it will now fall on your spouse or children.

Insurance payout will take care of short-term operations and cash flow.

  • Legacy

Finally, life insurance is more than just a tax-free income source. It is your legacy of love to your family. It can provide financial security not only to your children but also your grandkids. And you could even name a charity as the beneficiary… leaving behind a lasting legacy!