10 kinds of Motivation to Get a Life Insurance Policy

Life Insurance Policy
Life is very much uncertain. You never know what will happen in future, how long you are going to live, what will happen to your family after your death. On all these perspectives we generally don’t want to think much also. We Indians have a general phenomenon of “Think good, and good will happen”. But, this is just a myth. Now a days when now and then, some news continues to reflect on all news channels about deaths, accidents, nature’s harsh behavior, we have to think practically about uncertainty of life and its worse impacts on the livelihood of our loved ones.

Here, we are listing 10 kinds of motivation to get a life Insurance policy. Take a look below:

1.Loss of regular Income: At the time of a demise of the bread earner of the family, it is very difficult for the family to carry on their regular expenses, even facing a problem to get food for their livelihood. Life insurance acts like a replacement of the forgone income of the person who dies uncertainly. This will act as a new light in the lives of the dependents to carry on their livelihoods.

2.Payment of outstanding bills: Many a times we get overburdened by huge debts like car loan, home loan, utility bills and further more. Leaving behind all these debts on the shoulders of our loved ones will harass them financially also. Therefore, life insurance acts as a shield for the increasing financial expenses on the heads of family members to pay off the debts.

3.Financial security for livelihood: Making required expenses like food, clothing, and shelter becomes very difficult for the dependents if the sole earner of the family goes away, thus threshing them more to survive. Life insurance policy will give them financial support to run their livelihood properly.

4.A kind of thrift saving: Life insurance policy is a kind of thrift saving for those plans, where you get the money at the time of maturity of the policy. Through paying premiums, you have actually stepped in for a sheer saving of your hard earned money.

5.Low premiums at young age: Generally you have to pay low premiums for Life insurance policy when you are young with no bad consumption habits. This will save much of your money in future and will make you carrying on your policy even at bad financial times.

6.Keeping the children’s Education running with no full stop:

The major concern for any parents would be for their children of course. Nobody will ever want that their children’s education would be stopped due to lack of funds. If by any chance, something happened to you, then, life insurance policy would always be there to provide funds for your children’s education.

7.Huge amount at maturity to take care of your retirement age: Some insurance policies would definitely provide you funds at the time of maturity, even when nothing has happened to you. These funds will take care of your retirement and other expenses of your life after your retirement.
8.Tax Exemption: On your life insurance policy, you’ll get an exemption on your tax under section 80 C and this will help you in fostering your savings from that money.
9.Help you get a loan when needed: If sometimes, you are stuck with financial crisis or you need some loan to carry on some expenses on an urgent basis, you can mortgage your life insurance to get the loan at the time of need. But, on doing so, the title of your policy will be transferred on a lender’s name.
10.Stress Free living: Once you know the fact that after your unfortunate demise at any time, your family members will not suffer financially, you’ll live a stress free life and hence, you’ll remain fit and fine.

Therefore, these are the 10 motivations to get a life insurance policy. Life insurance policy is a new age boon to protect your family members from financial loss due to your unfortunate demise.