24 DEC 2016
Life Insurance- who needs it?
The death benefit provided by a life insurance policy would be a godsend for your loved ones in case you meet with an untimely demise. But does everyone need life insurance? Well, most folks do. Here's a list of people who should definitely go for a life insurance policy.
- The breadwinner
If you are the breadwinner of your family, a term insurance plan like Edelweiss Tokio Life – Total Secure+ can provide your family with an income replacement in case you meet with an untimely demise or are laid low by a critical illness. This is important so that your family can maintain the same level of lifestyle that they were able to maintain with your income.
- The single parent
If you are a divorcee or widowed parent,its imperative that you buy a life insurance plan to secure your children. If anything happens to you, there would be no one to look after them in financial terms. If you leave behind funds in terms of life insurance, at least they can have the requisite financial support, if not emotional one.
- Married with a family
If you are married and have just started or planning to start a family, life insurance should be on top of your priority list. For the next 3-4 years, your family may have to survive on one person's income. In this situation, if something happens to you, that single income also becomes redundant. To avoid this, buy a term insurance cover to protect your family from the financial setback of your passing away in an untimely fashion.
- Close to retirement
If you are through with your responsibilities and are close to your retirement age, invest in instruments like Edelweiss Tokio Life – Wealth Builder that can provide for financial support to you in your retirement age. You could also invest in annuities and pension plans to finance your retirement.
- Home-owners with a home loan
If you own a real estate property and have a home loan going on it, its important for you to arrange for security so that in case anything untimely happens to you, your family does not need to run from pillar to post to arrange for the funds to meet the home loan liabilities. They still can live with their head held high and with a roof over their head.
- Single and about to get married
Most people think that if they are single, they do not need to buy life insurance. Its partly correct because nobody may be dependent on their income if anything were to happen to them. But very soon, you may get married and then you will have dependants. At that time, you would've advanced in age and term insurance would be more expensive for you. The younger you are, the better deal you'd get on your life insurance deal. Hence, lock-in a lower rate on your term insurance policy as soon as possible to get the maximum advantage for your term life policy.
Go to the needs calculator on www.edelweisstokio.in and find out the exact amount of insurance that you need to secure the future of your loved ones.
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