Why Life Insurance?

Need of Life Insurance: Why Life Insurance?

You can see from morning till night people moving fast from one place to another. But for what? To do something. To earn money. Money is the important requirement to live a happy and normal life. Suppose the key member of the family who is earning money and taking care of the family dies due to some reason, then the family members will face a huge financial loss.

Thus the basic motto of life insurance is to provide guaranteed financial security to the family. In case of sudden demise of the family member the financial loss will be covered by the insurer. It is a contract between two parties the insurer (called Underwriter) and Insured to pay the sum of money at the stipulated time or at the occurance of event against which insured.

The benefits of life Insurance are as follows:-

The biggest advantage of life Insurance is the financial consequences in case of death of the Insured person. Nobody can bring back or replace the person but the financial burden on dependents can be dealt with the amount received from the insurance e.g. funeral costs, debts (like credit card dues, personal loans, housing loans etc) future security of dependents (parents, childrens)

The second important benefit of Life Insurance is survival benefit. If Insured person survives after completion of Insurance period he can enjoy the cash benefits recieved from the maturity of policy. It can help in retirement days, planning for a holiday, buying a house, marriage of children or again can be invested for the future of dependents.

So in my personal view Life Insurance is a must for all. It protects you from future financial uncertainities, and is a good mode of investment also. If you are not insured do think again and buy a Life Insurance policy as soon as possible. Live a wonderful and happy life.

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