Life Insurance Plans

Life Insurance Companies

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/