Life insurance benefits, why life insurance is important

Photo by Fuu J 

Having life insurance shows that a person loves his family so much that he wants to take care of his family even after his death (death) and wants his family to be happy even after he leaves, financially Be stronger than the benefits of life insurance The nominee declared by the policyholder after his death. Life insurance generally aims to protect the insured's family from financial restrictions after his death. Most people know the benefits of life insurance, but still do not buy it. Today, here you will have some benefits of being a life insurance, after reading, you can decide if you need it or not.

What is insurance?

By definition, insurance is a legal agreement between the policyholder and the insurance company in which the insured pays a premium to the company and, in return, the insurance company is prepared to pay compensation for the loss, damage , specified disease or death.

What is life insurance?

As indicated above, insurance is a legal agreement in which the policyholder and the insurance company sign it by mutual agreement. Life insurance is a type of insurance in which the insured pays a premium under a legal agreement and, in return, the company provides financial assistance in case of total disability or, in case of death, the insured amount is Fixed the nominee.

Why is life insurance necessary?

Insurance plays an important role in a person's life. It covers an individual against unforeseen events (such as life insurance covers the insured against death, health insurance provides coverage for medical expenses incurred in the hospital) and insured against financial problems by providing financial assistance. It also protects the family.

Many people face a common fear of what will happen to their family if they die.

In fact, it is true that death is true, but the moment of death is uncertain. Insurance cannot prevent death, but it can definitely protect the family of the insured against the financial crisis in case of death.

If a person feels that after his death his family will have financial problems, then life insurance is mandatory for that person. You can also call it the kind of responsibility a person performs for his family.

In this modern era, we have many options to invest, but none is like insurance. Insurance, for example, offers long-term profitable investment options with specific death coverage, such as money back insurance, which offers insurance coverage with options such as insured return.

In which, if the person does not die until the end of the term of the policy, the fixed amount is returned and if he dies during the period of the policy, the sum insured is given to his family.

What are the benefits of life insurance?

Accident / risk coverage: The main objective of an insurance policy is to protect an individual or group against certain risks. That is why insurance is also known as a risk management technique. Life insurance is designed to provide financial assistance to the family after the insured's death.

If the insured dies in an accident during the term of the policy, the nominee, who is usually a family member, receives the insured sum.

This does not lessen the pain of losing your family member, but survives more misery, such as financial restrictions.

In general, it is seen that after the death of the head of the family, the family has many financial problems due to which the family has to sell the house, but having a life insurance policy can save the family from financial constraints. 

Health Protection: Almost everyone has to face some health related risks, so we should be financially ready for any unfortunate event that can get us hospitalized.

Buying riders with a life insurance plan or buying a separate health insurance policy gives us peace of mind that we can face any financial burden due to health problems for example illness or accident.

An efficient life after retirement: everyone wants to live a life without complications after retirement. It is possible to have an insurance policy because it provides a fixed sum insured at maturity.

After completing the term of the policy, the insurance company gives the policyholder the option to convert the benefits received in his policy into a monthly pension, which will give him some money in the form of a pension each month so that I can live your life. well. is.

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