In life, it is very important to plan for both the best and the worst alike. But most times, we forget to insure our lives maybe because we do not know its importance or because of share negligence.
We all are bound to give up the ghost someday and are all prone to emergencies and risks whether we like it or not. This said it is important we insure our lives because of its numerous benefits. In this article, we would be looking at the benefits of life insurance.
It is a way to make sure that if something unexpected happens to you; your family and beneficiaries will not have to suffer the most.
Benefits of life insurance
Securing your family and loved ones: yes! Insuring your life is a good way of securing your family and loved ones. This is because, if you are the breadwinner of your family and have so many other people to take care of and peradventure the unexpected happens, they will be in agony and also, feel the impact of your demise not only physically, but financially.
Because of this, it is important for you to insure yourself. This will reduce the burden your spouse or someone next will bear financially. At least, the indemnity that will be paid to your family will be enough to get them running and back to their fit.
School fees for your children: every good parent or guardian want his or her child or ward to attend a quality school. This said if the unexpected happens, your wards might have to drop out of school if there is no backup plan for them.
The indemnity from your life insurance will be a very good backup for them.
An inheritance for your family: we all know that no one can make use of someone’s certificates or replace him or her in his or her workplace (except if it is your business). This said if you do not have anything for your family to inherit, the payoff will be something for your family and loved ones to inherit.
Payoff of costs:Yes! Another important benefit of life insurance is that it could be used to pay off costs that are associated with your burial or cremation. You should insure your life so as to ease the burden on your family and friends if the unexpected happens.
Tax benefits:life insurance investment is not subject to tax i.e. it is tax free. This said it is a very good type of investment and your beneficiaries do not have to pay tax for it if the unexpected happens.
Affordability:life insurance is very affordable going by the fact that there are so many insurance companies. It is a very good way of investing without feeling the impact. You should invest in this and help your family to get the best of life peradventure the unexpected happens.
Other advantages of life insurance include
Supplement retirement funds: insuring your life is a sure way of supplementing your retirement funds.
It is flexible.
Having outlined the benefits of life insurance, it is important that you start today and help your family and friends not to feel too bad financially when the unexpected happens.