Why Bother About Life Insurance?

By Chimezirim Odimba

Imagine the plight of your family members if you were to die this very instant? Will your family retain the same lifestyle or will it face financial problems? One never knows when disaster will strike. It is your duty to safeguard your family by taking adequate precautions.

Do you want to keep your family's finances secure even after you expire? Life Insurance is the best solution. What you pay today in the form of life insurance premium is received by your family as death benefits on the policy. Money is a very poor compensation for the loss of a loved one. However, your family will be completely safe from financial troubles even after your death. Get a life insurance policy to ensure expenses like college fees etc never remain unpaid.

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Insurers offer plans which provide cover sufficient to meet major and minor expenses alike. Death benefits are an obvious advantage of life insurance but are not the only advantage. There are many insurance policies which offer returns before the death of the insured. Simply choose those plans which offer returns after the expiry of a certain period of time. These plans offer returns even as you live and provide protection to your dependants after you expire.

The certainty of returns after a fixed period makes life insurance a great way to plan for your retirement. An up to date insurance policy reflects well on your credit score. This is an additional advantage. Having adequate protection against emergencies and a positive credit rating will be very beneficial for your finances. Money invested in life insurance is safe from being paid to creditors even if you opt for bankruptcy.

This ensures that the survival of your family is protected even if you are forced to opt for bankruptcy to escape runaway debt. You can pledge the insurance policy and obtain loans secured on the same. The investment in insurance never goes waste. The surrender value of the policy is an assured income and the same is sufficient security for creditors. This means that life insurance offers not just protection but also enhances your ability to quickly raise money in case of an emergency.

The innovation of Unit Linked Insurance Plans has enhanced profitability of Life Insurance without negatively affecting the protection it offers. For good protection as well as a safe investment, you should choose Life Insurance.

No other investment will provide absolute security and protection at such a low cost.

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