There’s a serious problem many of us are not talking about. Recent research estimates that roughly three quarters of Indians do not have life insurance. As we well know, death can wreak havoc on a family emotionally and financially. It’s most likely that we’re not buying enough life insurance because we’re unclear on the biggest advantages these policies provide. To help get you started on thinking seriously about your family’s future, we’ve compiled the five biggest benefits of buying life insurance.
- Stress less.
When you get into bed at the end of a long, stressful day, you’re probably not thinking of life insurance plans. But if you did, you wouldn’t stay awake worrying about all of the other what-ifs that plague us when we can’t sleep.
What will happen to your family if the unexpected occurs? They could be forced out of the home, and into a lifestyle you’ve worked hard to avoid. But life insurance helps increase the likelihood that they can recover and eventually begin thriving without you.
- Affordable rates.
Contrary to what your current impressions may be, life insurance is much more affordable than many typically assume. That’s because you can select a specific length of time that you want to pay the premiums. This is called term life insurance, and it allows you the flexibility to afford the right policy at the right phase in life.
- You can choose the right plan for you.
We all have different living situations, income levels, occupations, and more. A company who sells life insurance should recognize this, and fortunately, many do. When you’re perusing plans, you’ll find options that fit your needs, or offer additional benefits that serve your goals. For instance, you can purchase plans specifically intended to support your family if you are diagnosed with a terminal illness.
- There are tax benefits.
How will your life insurance policy impact you around tax time? Great news – there are tax advantages with many life insurance policies. Your policy may make you eligible for tax benefits listed under Section 10D of the Income Tax Act of 1961. If that sounds appealing to you, make sure to speak to a representative about eligible policies.
- It keeps your family secure.
Alleviating your worry is really less than half of the battle. When your loved ones can rest assured that life insurance has them covered, they can more freely plan for the future. For example, many of us need to care for our parents or other family members in their advanced age. If a partner or spouse has life insurance that helps guarantee they can continue caring for them, instead of returning to work to recoup the loss of income that can result from death.
Or, if you’re the caretaker, your policy can provide the necessary funds to keep caring for elderly or disabled loved ones.
When it comes to life insurance, time is of the essence. Start doing a deep dive on what policy is appropriate and affordable for you, and you can preserve and maintain the stability you’ve provided for your family – long after you’re gone.
Please note- This article has been written by Rohini and do not necessarily reflect the views of the Free Press Journal.