For instance, a widespread belief among a lot of Indians is that you don't need life insurance if you are healthy. It is essential that you clearly understand what life insurance is and how it works to know why it is necessary for every individual, irrespective of their health.
Why Healthy People Need Life Insurance Too?With a product as important as life insurance, it is essential to be practical. It is great that you are in good health now but who knows about the future? Moreover, with the rising cases of road accidents throughout the country, there is no saying when or how something might go wrong.
In case of your demise due to an unexpected illness or accident, don’t you want to make sure that at least the finances of your family are taken care of? Think about it and you will see that life insurance is in no way related to your health.
Why Buy Life Insurance When You Are Young and Healthy?If you are waiting to suffer from a severe medical condition after which you'd purchase life insurance, know that the premium of life insurance for someone with a critical illness is considerably higher, as such illnesses may affect your life expectancy, the insurance providers charge a higher premium to provide life insurance to such applicants.
Moreover, your age plays a critical role too in your premium calculation. People in their 20s and 30s are generally required to pay a lower premium as compared to someone in their 40s. So, by waiting or delaying your decision to purchase life insurance, you are also making a critical financial mistake.
Some Top Benefits of Life InsuranceIf you are still not sure about the decision, here are some important benefits of life insurance that can add more clarity-
- A death benefit to help your family
- Maturity benefit to help you achieve financial objectives
- Add-ons or riders for enhanced coverage
- Tax-savings to reduce the tax burden
- Better life stage planning
- Loan against policy if needed
Life Insurance a Must Irrespective of Your HealthYour health is not the factor that should help you decide whether you need life insurance. Life is uncertain, and life insurance is a must if you want to offer financial security to your family.
Learn more about different Online Term Insurance Plans here.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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