Life Insurance Plans

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Advantages of Life Insurance

Life Insurance is an important addition to your financial portfolio. Life Insurance has various advantages that can guarantee your own financial security and that of your family as well. Let us tell you how your Life Insurance can be beneficial to you apart from giving your loved ones death benefits.

Access to Cash 

Give it a few years and once your insurance premiums accumulate, your policy’s cash value can be accessible as a loan withdrawal. This can be useful if you want to fund business opportunities, education or retirement income.

Financial Safety

Life Insurance can provide you with a financial safety net when you or your family faces a financial crisis. Your Life Insurance can ensure your family has a comfortable lifestyle if you are not around to support them.

Return on Investment

Life Insurance gives you guaranteed long-term returns. With Life Insurance, the insured person can benefit from periodic bonuses that are accumulated in the cash value of the policy. The money you invest in Life Insurance will be returned as Sum Assured on maturity of the policy tenure or on the demise of the insured person.

Tax Benefits

You can avail of tax benefits on your Life Insurance policy under Section 80C of the Income Tax Act. You can claim tax deductions up to Rs. 1, 50,000 on Life Insurance under Section 80C.

Life-Stage Planning

With various types of Life Insurance plans available, you can plan your financial goals. You can use Life Insurance plans to plan finances for your different life stages. Save up for your child’s education, marriage, your dream home or your retirement years. All with Life Insurance.

Additional Benefits    

You can add benefits to your Life Insurance policy. Life Insurance riders offer you a more comprehensive policy. Additional benefits on a Life Insurance plan include critical illness cover, personal accident cover and waiver of premium benefit, among others.

Source: http://blogs.rediff.com/lifeinsuranceplans/2016/07/09/ritikashah11998-20/

Life Insurance

The Importance of Life Insurance for Dads

Happy Father’s Day all you dads!  I want you to know you are greatly appreciated and you deserve a huge thank you for all that you do.  No one can replace that love and support that you provide.  My dad was there for me through a lot, but if there was one specific thing I wish he would have done before he passed away, it would have been to buy life insurance.

My dad passed away after battling liver disease at the age of 59.  That’s young, but old enough to know a few things.  I don’t know if he was in denial about dying or just had faith that he would experience a miracle and live much longer.  Either way, he didn’t have life insurance.

It’s one of those things you don’t like to talk about – life insurance.  My family is fun; we don’t discuss serious things like death (even when someone is dying).  My dad chose to be home during his hospice while my stepmom and nurses cared for him.  As a part of a family with six kids, our number one goal was to spend time with our dad and hopefully make him smile.  We were all afraid to ask him about his wishes and his plans for end of life.  We feared that bringing that up would hurt him or remind him that he didn’t have much time left with us.

Guess what?  We should’ve talked about it a long time ago, before health was an issue.  It would’ve saved our family from so much extra stress than we were already enduring.

After my dad passed, besides dealing with grief and trying to piece together his assets, debt, and a mess of paperwork, we also had to figure out how we were going to pay for everything.  Funeral costs, burial expenses and medical bills added up quickly.  There was plenty of outstanding debt that needed to be paid off as well.  On top of it, my siblings and I were all taking time off of work to meet with lawyers and take care of everything.

I don’t wish this experience we went through on anyone.  Imagine six siblings that are very close, losing their dad and having to deal with splitting finances, assets, paying debt all while being civil.  If anything can tear a family apart its death and money.

This life changing experience made me realize the importance of life insurance and that my husband and I needed to purchase our own policies.  Both of us have small policies through our employers, but ideally you should have your very own insurance to ensure you have coverage if and when you need it.

5 Reasons to Purchase Life Insurance:

Income Replacement

When one spouse dies, the family can take a serious financial hit. Replacing that income can help the family maintain the lifestyle they are used to?

Mortgage Protection

The last thing a family wants to think about is losing their home after the death of their loved one. Life insurance can help to take care of that financial burden.

Paying Off Debt

A life insurance policy can help you pay bills. Most families have more than just a mortgage to think about.  Credit cards, medical bills, student loans, car payments, etc… these can quickly add up after the death of an income earner.

Pass Wealth to Family

As a part of your estate, you can leave money to your loved ones with a life insurance policy.

For me, term life insurance is the smartest and most affordable option for my situation.  With Quota’s easy-to-use quoting tool you can find out how much term life insurance would cost you.  There’s no need to give any personal information until you are ready to apply.  It’s a relief to know that I’m financially protected if my husband were to die.  Without it, I would be forced to move, sell personal belongings and completely change the lifestyle that I’m accustomed to.  I don’t want that for me, and I don’t want that for you or your loved ones.

Source: https://www.quotacy.com/the-importance-of-life-insurance-for-dads/

10 Things You Didn't Know Your Life Insurance Policy Can Do

Over the last several years, the term "life hack" has come into vogue. A life hack is an object or process used to make a small part of your life easier, usually by taking a common object and repurposing it for something that it wasn't originally made for. Examples include using old socks as wearable dusting rags during spring cleaning, a contact lens case for pill storage during an overnight trip, or a muffin tin as a condiment holder for an outdoor barbecue.

In a sense, a life insurance policy acts as a financial "life hack." After all, it can be utilized for something other than providing a death benefit upon someone's passing. Here are ten innovative ways that a life insurance policy can be used:

1.     As a safeguard against being uninsurable. People who are very old and/or unhealthy may not be able to obtain a new life insurance policy. But if you already have a term life insurance policy, you can extend the term or convert it to whole life insurance before it expires - so your coverage never lapses.

2.     As collateral. If you ever need to apply for a loan of any sort, you can use the cash value of a whole life policy as a source of collateral in order to receive a higher amount or a lower interest rate.

3.     As an investment tool. The value of a whole life policy will always grow and never decline, which is more than can be said for many other investments on the market. Some policies even pay dividends to the policyholder.

4.     As a way to pay for college. With the costs of tuition rising, you can tap into the cash value of your whole life policy to help pay the costs of higher education for your children or grandchildren.

5.     As a way to pay off your debts. If you ever need to repay loans, you don't have to wait until you die to access your payout. Just draw upon the cash value of your whole life insurance policy to settle those debts.

6.     As an additional source of retirement income. If Social Security and your retirement savings do not provide enough income during your golden years, you can arrange to withdraw a regular stipend from your whole life policy - or even surrender the entire policy in favor of the cash value.

7.     As funding for long-term care. Many older adults require partial or round-the-clock medical care, which can be expensive. Funds from your whole life policy can be allocated toward these long-term care costs while you are still living.

8.     As a way to fund a favorite charity. If you want to support a cause or organization that has become important to you, part or all of the death benefit of your life insurance policy can be earmarked for that charity upon your passing.

9.     As a way to help pay taxes. If you've accumulated significant wealth, your heirs may be left with a hefty estate tax bill upon your death. As a result, many people acquire life insurance policies in order to offset or pay off any post-death tax bills.

10. As financial security for your heirs. If your loved ones know that they will receive a portion of your life insurance death benefit as part of their inheritance, they can enjoy the peace of mind of having a fiscal safety net while they are alive.

 Source: http://blogs.rediff.com/lifeinsuranceplans/2016/06/29/ritikashah11998-18/

Life Insurance