Life insurance is not something to be overlooked. In the modern age, unprecedented situations are all too common. Considering the global COVID-19 pandemic, this fear has risen sharply. Along with it has risen debt, unemployment, and most importantly uncertainty. Therefore, through a good life insurance plan, you can take care of your family even when you’re not with them. Think of life insurance as an ‘end-of-the-line promise’. With a life cover, you can prevent the uncertainty of the future of your loved ones. In summary, life insurance is when the insured individual pays the insurance company a set premium. In case of the insured individual’s untimely death or after some time, this financial aid is made available to their family. Importance of Life Insurance.
Top 5 Reasons Why You Need Life Insurance
If you’re still unsure whether life insurance is the right choice, here’s a list of reasons why you should reconsider it:
- Financial Protection for Your Family: Family savings eventually run out. They’re not enough to cover family expenses for years. A life cover can take care of your family’s financial needs in case of an unexpected tragedy. There are three types of life insurance categories you can opt for: Term Insurance (Temporary or for a specific period), Whole Insurance (Until your lifespan), and Universal Insurance (Flexible whole insurance).
- Can Help with Debts: The last thing you’d want is for the transfer of your debt to your loved ones. It can take a heavy toll emotionally and financially on your family. With whole life insurance, you can cover debts such as mortgages, credit card debt, business/personal loans, etc.
- Future Education Expenses: Higher education is an expensive process. Covering education costs can be a financial strain after you’re gone. This concern is mitigated through a life cover. The insurance can help cover your child’s college tuition.
- Replace Lost Income: If you’re an employee at an MNC or a corporate organization, you may be entitled to some perks and benefits such as housing, transportation, allowances, etc. In your absence, a life insurance policy can provide for these facilities ensuring that your family faces no financial hurdle.
- Save on Taxes: One of the reasons to consider a life insurance plan is to save on taxes. The premium charged for life insurance is eligible for deduction up under Section 80C of the Income Tax Act. Even under Section 10, the death benefit or maturity is exempt from tax (10D).
Affordable Life Insurance Plans Crafted For You
Walls Insurance provides you with a personalized budget-friendly life insurance plan. No two policies are the same. Therefore, we take the time to understand your needs and create a unique plan to suit them. As an independent agency, we work with the nation’s top insurance providers to match you with the most affordable policies. Our team of professional agents works towards helping you find the policy that meets your needs. To learn more, give us a call at (512) 647-2338 or request a quote online. Importance of Life Insurance.