Life insurance can be a very important and essential financial commodity and can be very beneficial to all individuals in the long run.
Life Insurance can provide a secure financial future for your loved ones in the long run and save you a lot of worries and mental stress, the key, however, is in knowing the type of policy you need and how the amount of money you are willing to pay for it.
There are a lot of financial aspects of life insurance that have to be fully understood and considered before you commit and decide to purchase a life insurance policy.
Some of them are highlighted below:
- Choosing the cover amount of your insurance policy
The life insurance coverage amount you decide to choose depends largely on both your life and monetary situation. In case you are single and do not have dependents, life insurance provided you via work (if any) should be enough for your burial expenses and other last hour needs. However, if you are married and have dependents you should have life insurance cover enough to take care of all their needs.
- Your life insurance can be an investment instrument
A Unit Linked Insurance Plan secures you financially with life cover while providing you with an option to simultaneous invest in mutual funds, bonds and in the stock market. The money, however, is invested on behalf of the policyholder by the insurance company and hence the insured has no say in where the money is invested.
- Life Insurance comes with additional tax benefits
Life insurance can help you a lot on taxes especially inheritance tax. An insurance policy helps you be capable of exempting a large amount of money for inheritance tax if you agree to put your life insurance proceeding in a trust. This makes sure your loved ones are not required to pay inheritance tax on the money they inherit from the insurance policy in the event of your death.
It is advised that you read policy-related documents carefully.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00