Why to opt life insurance policy? Back
Why one should take a life insurance policy
Life insurance policy covers an individual from financial difficulties at any uncertain events. Following are some of the reasons why a individual should take a life insurance policy.
Financial protection for loved ones
Life insurance offers a financial security for your loved ones in case of any unexpected event like death, at that point it gives you financial helps to family and beneficiaries. The benefits will be paid by the insurance company and it covers the living expenses, education expenses, mortgage payments and etc.
Debt Coverage
If you are having any outstanding debt such as mortgage or any ongoing car loan or a credit card then it will be covered by the company so that your loved ones will not have that burden to pay it off.
Income Replacement
If an individual is only a earner in the house and whole family is dependent on an individual it is very hard to survive after a person is not there so in that scenario income replacement is provided by the insurance company so that the family will not face any financial crisis.
Estate Planning
Life insurance policy helps in providing funds for any estate related taxes and any other expenses regarding any asset holds by an individual.
Funeral Expenses
After death Insurance company is paying lump sum amount to family of the life insured for covering funeral expenses.
Medical expenses
Some policies also cover all your medical expense for example if you have met with an accident or in case of any injury it will provide you with lump sum amount so that living expenses can be covered.