What are the major benefits of life insurance?
Following is my opinion on the questions, Please comment with your thoughts.
There are many benefits of taking a life insurance plan and financial experts suggest that a family should have a life insurance plan to overcome unforeseen circumstances or expenses. Imagine what would be a scenario for a family if they didn't have an insurance plan and they had to get thousand of dollars for an emergency at home. This directly hits your savings and therefore you will not to be able to hit your financial goal whatever you had set for yourself. Therefor it is always recommended and wise to take a life insurance plan.
Major Benefits of taking a Life insurance plan
Protection for your family
Yes life insurance plans protects your family if there is an emergency. A family having a life insurance plan need not worry about the expenses incurred for any surgery or critical illness as your life insurance plan covers it.
Tax Savings
In many countries in-order to promote people taking life insurance plans. Governments have made the premium spent on the life insurance as Tax Free. Which mean if you shed $500 for your life insurance plan than this $500 dollars does not account to your income and is deducted is expenses incurred towards life insurance.
A good source of Savings
Some life insurance plans are created in such a manner that they give your some income towards the end of some years it could be 5 or 3 Years totally based on the life insurance plan you take. I've an insurance plan here in my country which is called Money Back Policy, which gives some money every three years the insurance companies have their math in giving out the percentage of bonus as money.
Peace of Mind
The other major benefit of life insurance plan is the peace of mind that you get. A person need not worry about any expenses that could be incurred due to unforeseen health issues as the life insurance plan covers all that for you. Therefor all the family members are in a peace of mind state without worry about anything related to health concerns.
Helpful at time dealing with debt
Yes at times life insurance plans can help you raise some loan against your policy. Considering that you have been paying your premium consistently and have accrued a larger corpus towards the life insurance policy premium than some policies allow you to take loan by pledging your life insurance policy.
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