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Top 10 Reasons to Buy Life Insurance Policy

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One of the wisest financial decisions you can make is to purchase life insurance early in life. Given today’s hurried lifestyles, it’s more crucial than ever to plan ahead and invest for your financial future and that of your family. A life insurance policy is one tool that can assist you in doing so at a reasonable rate.

Life insurance is a contract between a policyholder and an insurer in which the insurer agrees to pay an amount of money to the beneficiary in return for a premium if the covered person dies or survives. Simply defined, it provides financial assistance to the policyholder’s family in the event of his or her untimely death. Given the fact that death is unavoidable, here are the top ten reasons why you should obtain a life insurance policy:

1. Taking care of your loved ones while you are away

You may ensure that your family and dependents are taken care of even if you are not present with a life insurance policy. If you are the family’s primary breadwinner, their financial security should be your top priority, thus purchasing a life insurance policy is a good option.

2. Getting out of debt

Your financial obligations should not pass to your family when you pass away. In your absence, however, a life insurance policy comes to the rescue, since the money obtained may be used to pay off obligations such as vehicle loans, mortgage loans, and so on.

3. To meet long-term objectives

Because a life insurance policy keeps you invested for a long time, it may be a valuable tool for achieving long-term goals such as purchasing a home or supporting significant life events for your kid. There are certain investment solutions on the market that give life insurance as well as a set amount of money invested in safe investments.

4. Adding to Your Retirement Savings

Your usual source of income may dwindle as you approach retirement. Investing in a pension plan is advantageous since you must pay a certain amount on a regular basis and receive a consistent monthly income even after retirement.

5. Premiums are less expensive while you’re younger

When you’re younger and healthier, you may get a considerably better deal on a life insurance policy. This guarantees that the premium amount is locked in and that you are covered for a longer period of time without having to worry about premium increases.

6. Also looked after Your Business

There are several insurance packages that cover your business as well. If you own a firm, your business partner can easily acquire the share of the business that you own. Simply engage up a buy-sell agreement with your business partner, and the payoff will go to the dead partner’s nominees, but without giving them an interest in the firm.

7. In order to save money on taxes

You can claim a tax deduction of up to Rs. 1.5 lakhs from the premiums paid on a life insurance policy under Section 80C of the Income Tax Act, 1961. As a result, life insurance not only protects your life but also helps you save money on taxes.

8. Proposes consistent savings

Life insurance is a long-term financial item that needs constant savings. As a result, it instils a habit of disciplined savings to pay premiums, allowing you to save enough money to financially protect your life and the lives of your loved ones in the event of an unfortunate event.

9. It’s possible that you won’t qualify later

You would be eligible to get a life insurance policy if you were healthy and financially self-sufficient. Life insurance, on the other hand, is based on some uncertainties and exclusions. Some insurers may refuse to sell you life insurance if you become terminally sick and are unable to work as a result. As a result, purchase life insurance while you are both physically and financially sound. It’s also crucial to seek riders that will increase the quality of your basic life insurance policy.

10. Peace of Mind

Having a life insurance policy gives you peace of mind since it secures your financial security. Furthermore, in the event of your untimely death, the death benefit will be given to your dependents, ensuring that their future financial requirements are met.

So, what are you still waiting for? You now have all the reasons to buy life insurance. However, it is advisable that you compare all the available plans online to get the best life insurance policy for the best price. Now, compare and pick the best life insurance plan for you!

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