Why buy life insurance

Why buy life insurance

Life Insurance
There is a financial security for life insurance, contingencies related to human life, such as death, disability, accident, retirement etc. Due to natural or accidental reasons, risks of death and disability are associated with human life. If a person dies or is permanently or temporarily disabled, the family income is damaged.

Although human life is precious, a fund can be determined on the basis of loss in future income of future years. Therefore, in life insurance, the maturity / fixed amount (or the amount, which is guaranteed to be paid in the event of loss, is a kind of ‘profit’). In the event of the death of the life insured or due to an accident during the policy term, life insurance products provide a certain amount of money.

Why should you buy life insurance:
We all live with the following risks:

Quick death

Survive for a long time

Life Insurance is therefore essential:

To make sure that your personal family gets some financial help in the event of your demise
For financing your children’s education and other needs
To adopt a savings plan for the future, so that after retirement, you get a regular source of income
Due to serious illness or accident due to your income decreasing your extra income
To meet other financial contingencies and lifestyle needs
Who needs life insurance:
Life insurance is essential for a person who is essentially a family whose family needs his support and earns that income. In the perspective of the economic value of the contributions made by the housewives in the family, they also require life insurance protection. Being risk associated with future income prospects of children, life insurance can also be considered necessary for them.

How much life insurance is required:
The amount of life cover you need depends on many factors such as:

  1. How many people are dependent on you
  2. What kind of lifestyle do you want your family to provide?
  3. How much money will you need for your children’s education
  4. What are your investment requirements
  5. How much can you invest?
    You should seek help from an insurance agent or broker to understand your insurance needs, and to get the correct type of cover.