Why a Life Insurance Policy is Important in today’s Era?

Purab recently purchased a term insurance policy from his friend, who is an insurance agent. Well, this is how most of us get introduced to life insurance policies. We do not purchase the policy; it is SOLD to us.

However, it is necessary to know whether  term insurance policies are really required or people just make a forced purchase? While, you may think the latter holds true, there are obvious reasons to understand why you must invest in the best life insurance plans.

With advanced age, Purab realized the need to secure the future of his family and dependents. This sudden realization made him think about insuring his life adequately. He realized that he could discontinue his existing plan and buy term plan online. He purchased a low-cost term plan online. Purab was no longer worried about how his family will pay for home loans and liabilities, children’s education, or live a comfortable life even if he was no longer around.

For the bread earner of the family, the feeling of being secured even in a situation of an adverse event makes him confident and prepared for the future. That’s exactly, why you must buy a suitable Term insurance policy.

Way back, the first company to offer life insurance was established in London in the year 1706. Since then, every modern generation needs an explanation as to why life insurance policies are a must? Only if, elders could pass on the message to their children that, as humans, everyone needs to secure life, it would have been so much easier.

The modern generation is slowly moving from a money-saving mindset to a money-spending one. People are taking personal loans to indulge in exotic vacations. This extra spending should be alarming enough to make you understand the importance of securing the future.

Specific pointers that explain why buying a life insurance policy make perfect sense in today’s world

Increased Debts and Liabilities Gone are the days when owning a car was a luxury. Purab recently purchased a pre-owned car for his wife through an auto-loan, which increased his liability by Rs.8 Lakh. With the ever-growing demands of the family and the modern means of life, people are taking higher risks. Easy availability of the loan facility from the banks has only added to the situation. Insurance helps you to mitigate that chance.

The cost of Educational expenses are increasing by the day. What if, you are not around to support your children when they require you the most? The term insurance policy will secure your children’s education & also support them for other financial needs.

Accidents According to a survey, there is one death every four minutes due to road accidents in India. Surprised? Well, you are not the only one. Now that you know the facts, wouldn’t you like to be prepared for such ill-fated events?

Savings & Tax Advantages Even the government realizes the importance of insurance. Hence, they provide the tax benefits if you invest in a life insurance policy. Plus, it is a good investment option for people who like to save for the future. Some life insurance policies also offer retirement benefits securing your children’s future.

Peace of Mind With the best life insurance plans you no longer have to worry about the financial strain your loved ones would need to face if you are unable to provide for them. Just like meditation, life insurance policies help you live a stress-free life.

To sum it up, Life Insurance Policy assures your family a much-needed financial security, even when you are no longer around. Choose a suitable term insurance policy like Edelweiss Tokio Life – Zindagi Plus a term insurance policy which provides considerable life coverage at a nominal cost. A very important feature of this benefit is that it also covers housewives.

Opt for a Term Insurance policy now but not accidentally like the way Purab purchased earlier but deliberately to make your family proud of you making such a prudent decision.