There are a plethora of Life Insurances and other Beneficial plans to choose from, each designed to suit various financial profiles and the unique and specific needs of the Insurer. Most of these plans offer different benefits and have features that suit the particular needs of the Insurer. All of them, however, have one pressing need of the Insurer at the center of every package. That need is the need of the Insurer to secure his family in the eventuality of his death and not to leave behind a financial mess that his/her relations are left to deal with, apart from the enormous personal loss.
Why to have Life Insurance instead of Mortgage:
The Mortgage Linked Insurance plan is specially designed for those who have signed up for a Mortgage. Admittedly, the most significant single investment that a person is likely to make in a lifetime would be in buying a Residential Property or Real Estate. That, by itself, is huge considering the formidable cost of housing. When a mortgage is taken for a property, it is most likely for 25 years or around that much time. The tenure of this financial liability of having to pay a mortgage for this length of time is cumbersome. This is topped by the fear and anxiety of what would happen to one’s family if the Insurer were to die before the mortgage is paid off.
This is where the benefit of a Mortgage Life Insurance Policy comes in. If the Insurer dies before the tenure of his mortgage is over, then the rest of the mortgage is paid off by the Mortgage Insurance Company, without putting any additional burden on the family of the deceased. This prospect makes the Mortgage Insurance Plan a sought after one.
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!
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