Insurance

Why do I need life insurance?

A life insurance cover can help to secure your family's future even when you are not around.

Since financial planning also includes protection and planning for contingencies,investing in life insurance is a wise decision. With a life insurance policy in effect, the family members of a policy holder receive a fixed amount in case of his/her death. This ensures that the family's financial needs are met and they receive adequate funds despite the death of the breadwinner.

A life insurance cover can help to secure your family's future even when you are not around.

Let us look at some of the advantages that make life insurance an important aspect of your financial health:

Protecting your family's interests

The primary benefit of life insurance is that it provides financial assistance to your family members in the unfortunate event of your death. In your absence, it can become burden some for your family to meet financial requirements. During such a time, a life insurance cover can come in handy as it provides a lump sum amount to your beneficiaries.

Emergency funds

In many cases, death due to a critical illness may result in huge medical bills.There are also additional expenses related to a death, like completing the last rites, legal formalities, etc. A life cover serves as an emergency fund in such cases, helping in payment of unexpected bills and additional expenses of the family.

Meeting long-term goals

Many life insurance policies (like money back or unit-linked insurance plans) provide returns at regular intervals. Such returns can add to your steady income and help you meet long-term financial goals like buying a home, marriage, children's education,etc. You can plan to invest in such policies on a yearly basis in order to save enough for meeting specific goals.

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