How and Why Insurance is Important?

July 22, 2020

What will happen, when you go to your office in the morning and never comes back? Sounds awkward right! Believe me, it is far worst than that. Nobody can fill your gap in your family.

You insure your car and your home. But nothing is more important than your life and your ability to make a living. So it makes good sense to insure your greatest asset – you!

6 reasons why insurance should be part of your life

1. Protection for you and your family – Most important

  • Your family depend on your financial support and Health to enjoy a decent standard of living, which is why insurance is extremely important once you start a family.
  • It means the people who matter most in your life will be protected from financial hardship if the unexpected happens.let’s talk about current COVID 19 pandemic situation. So many people lost their lives because they were not aware of the sudden or unexpected situation.
  • In fact, Nobody in the world can predict the future, but how to secure your future is in your own hands. You just have to hit the bell at the right time.

2. Reduce stress during difficult times

  • No one knows what lies around the corner. Unforeseen tragedies such as illness, injury or permanent disability, even death, what about the current Pandemic! – can leave you and your family facing tremendous emotional stress, and even grief.
  • With insurance in place, you or your family’s financial stress will be reduced, and you can focus on recovery and rebuilding your lives. Insurance secures your family in your absence.

3. To enjoy financial security

  • I will tell you an example- “there is a family in my neighbour, lives a lavish lifestyle. I always admired them, but one day head of the family -the Guardian- the main earner of the family suffered from COVID 19 and died after a week. But he managed his finances with complete Insurance cover for his family. Which maintained the financial security of the family, which they still enjoy! Nobody can fill the gap of the person died, but due to his decisions his family will always remember him for a good reason”.
  • No matter what your financial position is today, an unexpected event can see it all unravel very quickly. Insurance offers a payout so that if there is an unforeseen event you and your family can hopefully continue to move forward.

4. Peace of mind – Family is Insureds

  • No amount of money can replace your health and wellbeing – or the role you play in your family. But you can at least have peace of mind knowing that if anything happened to you, your family’s financial security is assisted by insurance.
  • People release this when the situation will go out of their hands. If you want to know about how to manage personal finance, am there to help you. Also, you can refer to my articles.

5. A legacy to leave behind – What else you can leave behind!

    • What would you like to leave for your children as your legacy? Not debts and unfulfilled dreams right?
    • A lump-sum death benefit can secure the financial future for your family and protect their standard of living. Don’t let your family suffer after you. ” ALWAYS RESPECT TIME AND TIME WILL RESPECT YOU”. So, start preparing from today, because there is no tomorrow.
    • Whole life insurance leaves a tax free inheritance for your children in addition to your existing assets. Also if you have designated existing assets for one heir but also want to provide for another heir, whole life insurance is the answer.
    • The good part is whole life policies have the option to increase Sum Assured at different life stages like marriage, birth or adoption of a child. The policy premium payable would increase by the premium corresponding to the additional Sum Assured in such a case. This type of customized policies available in the market, designed as per the need of the client.

6. Great tool for Tax Benefit

  • Here comes the Interesting part. Many people don’t know that Insurance is also a tax-saving tool. Insurance encourages savings by reducing your expenses in the long run. You can avoid out of pocket payments for unfortunate events like medical ailments, loss of your bike, accidents and more.
  • It is also a great tax saving tool that helps you reduce your tax burden under section 80(D) of Income-tax Act, 1961.
  • Under Section 80(D) of the Income-tax Act, you can avail the tax benefit on premium paid for the health insurance of your parents, irrespective of the fact that your parents are dependent on you or not.

#how to choose the Insurance plan

There are many private players which offer Insurance few are: HDFC LIFE, ADITYA BIRLA, MAX LIFE, ICICI Lombard.. etc. Compare the premium and facility provided by the players and secure your family. Check out my article on How to save money from salary every Month it helps you to save money and secure your and your family future.

All Comments

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    Jason July 26, 2020 10:21 am
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      admin July 26, 2020 5:31 pm
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    Jimmy July 27, 2020 8:32 pm