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Looking for Investing in a Life Insurance product? But not sure exactly how it works?
Well, this page is aimed to give you a complete understanding of how it works and what you need to understand to choose the products that suit you the best. As at every life stage, everyone has a set of primary needs that requires sufficient funds to fulfill them. This is where life insurance comes into the picture- as it offers tailor-made products to cover every aspect at different stages of life.
There is no doubt that life insurance is a must-have for everyone. Hence it is very crucial to have a complete understanding of the value a life insurance policy can bring in to your life and that of your loved ones.
A life insurance policy is actually a contract with an insurance company. A lump sum amount is provided, in exchange for premium payments, known as the death benefits, to the nominees or beneficiaries upon the death of the insurer.
While choosing life insurance, the advisor will help you to map it needs & goals. This will help you pick out the options that suits you the best.
What Does It Offer?
Insurance has a lot to offer in terms of financial security and peace of mind. It ensures that your family is taken care of in your absence. It not only helps in providing coverage for all sorts of risks but builds an opportunity to help you grow your investments. Life insurance is a long term investment tool that helps you meet future costs like children's education expenses, retirement expenses, etc.
There are plenty of life insurance plans available, depending on an individual's needs, many of these plans can also be customized to meet their likes.
Why Is It Important
Life insurance is of significant importance if you wish to protect your family or dependents from any economic hardship in your absence.
It's not an expense-many people think of it as one & choose to completely even consider its importance. It's a very essential tool that will help you build wealth and at the same time offer complete protection to you and your family.
Even if you have no immediate dependents relying on you financially, it doesn't mean that you don’t need life insurance. There are many costs that you need to factor in and which need additional income to fulfill them. Life insurance helps you meet such expenses while safeguarding your current income
The unexpected passing of individual leaves a lot of void and the surviving members are left to cope with a lot of stress and trauma. And no matter what, expenses never ceases to exist; it just piles on- be it rent, childcare expenses, loans, etc. In such a scenario, loss of income would cause immediate financial hardship and your loved ones are left struggling. Nobody wishes this upon their family, hence life insurance needs to be seriously considered.
What To Buy
There are many categories of insurance policies available in the market today. Depending upon your needs and requirement your Financial Advisor will help you pick out the right one. You need to give complete details on your current financial status, along with your short term and long term goals, so that your Advisor is well-equipped to make a prudent choice for you.
There are many categories like Retirement plans, Money Back Plans, Child Protection Plans, Endowment plans and much more.
Remember, life insurance is a great tool for both protection and helping you save in a disciplined manner which eventually leads to the creation of a good corpus. With the help of your advisor, fix your goals align them with your financial objectives and lead a stress-free life with a financially secured future.