Life Insurance And It’s Benefits

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LIFE INSURANCE AND IT’S BENEFITS
Let’s discuss something important and a bit different topic which is life insurance. Have you ever thought what happens if you are driving your car to work and your car got an accident, after your death what will your family do? How they will fulfill their daily needs? How they will survive in this expensive world, in which for a glass of water you have to pay some amount. There is nothing for free. Firstly we will discuss what is life insurance and after that, it benefits.
There are different categories of insurance like car insurance, home insurance, health insurance, education insurance, and life insurance. According to me, life insurance is the most important one among all these. In life insurance policy person will pay an amount monthly, semiannually or annually to an insurance company. When a person will die after the death of a particular person company will pay a lump sum amount to his/her family. Life insurance is important in this way if a person dies and that person is the head of the family and responsible for the income then the remaining family members will face a great problem. Whereas if that person already claimed a life insurance so the family members will be relaxed financially.
There are many types of life insurance according to the need of a person for example life insurance as a term life (it is not for lifetime company will pay an amount to the family) and life insurance as a whole life (in this company will pay your family members for the lifetime). Life insurance is for the higher class, middle class or even for the lower class. There are different policies according to the person’s status and salary. The one who is generating a good income so it’s a great idea for him to avail life insurance because we all will die one day and it’s a bitter reality, that’s why we have to think about our family members who will be left behind.
BENEFITS OF LIFE INSURANCE:-
• INHERITANCE:-
If a person has two children and he decided to give his house to one child, so for another one life insurance is the best idea. He should purchase a life insurance as the same amount of house for another one, in this way both children will receive an equal value of the inheritance.
• CHARITY:-
Those who are interested in charities and always want to do charity for poor or needy people, they should purchase a life insurance for the name of charity as a beneficiary to avoid tax.
• CALMNESS:-
For instance, you are living in a country where street crimes are common (due to street crimes many people lose their lives) if one day you have to face this situation, so what will happen to your family? What they will do when you lose your life? It will be a great disturbing point for you also because you are aware of the situation and always thinking about the same situation and you are confused on what to do. For the safe side of your family at least you have to take a positive step which is to claim life insurance. It will at least help your family after your death for your own funeral expenses, for your children tuition fees, for utilities and so on. It’s a reality when the person who is your breadwinner if that person dies then the entire family has to face financial problems and they will be worried about the money.

• AFTER RETIREMENT:-
Before some months I met an old man who was a well-mannered man and behaved very nicely with me. He guided me about life insurance and it’s the most important part is, it won’t be wasted. Many people are not fully aware of life insurance. If you are young then claim it because one day you have to die or you have to retire from your job. The one who invested the money to stock market or somewhere else so it has many chances that market will be crash at any time, whereas the one who is saving the money in a bank account for the interest, it will not be so fruitful so the summary is if you want to relax or enjoy your retirement at your old age then claim your insurance as soon as possible. It will be a great satisfying step for you as well as for your family members who depend on you.
• BACKUP:-
Imagine you are a breadwinner of your family and they totally depend on you if you lose your income then your family has to face many financial problems like a household, cooking, laundry and many more expenses. Whereas life insurance can cover all these costs, if you are claiming a life insurance it means you have a backup for those expenses.
• PAY-OFF DEBTS:-
In today’s world, most people have some debts whether it is credit and non-credit debt if you die then your family will be responsible for the payment of those debts. Whereas if you have a life insurance policy then it will help your family a lot to overcome all the debts.
• CHILD’S EDUCATION:-
After your death life insurance helps you in completing your child’s education on which his/her future fully depends. At least he/she can stand on their own feet. Education is the most important part of everyone’s life.
• BUSINESS A FLOATING:-
Life insurance also helps in business after your death. Suppose you claimed a life insurance and you decided to name your business partner as beneficiary so after you, your business operations will be remain going on.

If you are working hard for your family’s better future, then it is unfair that you didn’t claim a life insurance for that time period when you will not be with them. No matters if your wife is a working woman, every person have some responsibility towards their family so just imagine the situation what happens when your income won’t support them? If you want, when you will not be with them, they should not be worried financially and nobody/nothing should bother them after your death so you should claim at least a suitable life insurance according to your status.

 

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