You are having a loving family and you want to take care of time. You are worried about what might happen to them if you do not live long. At the time, you will be stressed. Moneymindz India’s First Free On call Financial Advisory tells you that at this time, it is important to purchase Life Insurance so that in case you are no longer around to protect your dependents, they will be taken care of financially.
What is Life Insurance?
Life Insurance is a contract between an insurance policy holder and an insurer where the insurer promises to pay a certain amount to the nominee of the insured person in the event of the insured persons demise in exchange of a premium. The policy holder pays the premium. Moneymindz, India’s First Free Online Financial Advisory says that the Insurance Company pays death benefit to the nominee upon the death of the insured person.
Features of Life Insurance
- Term riders for spouse and child
Life policies with this feature permit you to buy Term Life Insurance for your spouse or dependent child (below the age of 25).
- Accelerated death benefit
Through this feature, you will be given cash advances against the death benefit of your policy in the event of your serious illness.
- Building Cash Value
Policyholders are enabled to build up a store of cash value with every premium payment they make during their lives.
Merits of Life Insurance
- Peace of Mind
Since you know that there is an arrangement in case you aren’t around to take care of your family, you can sleep peacefully at night.’
- Save tax
Death benefits are income-tax-free to the beneficiary. This way, beneficiaries can save tax.
- Be a philanthropist
You can create your own charity and give it to a beneficiary as part of philanthropy so as to make sure your philanthropic goals are met after your demise too.
- Clear outstanding debt after you’re gone
Know that if you have uncleared debt, your family will have to clear it after you are gone. By taking Life Insurance, the debt will be cleared by the Insurance Company.
- The early bird gets the worm
The younger you are at the time of buying Life Insurance, the cheaper your premium will be. This applies to Term Insurance and Health Insurance as well.
For more information visit www.moneymindz.com or give a missed call to 022-62116588