Kolkata/IBNS: Efficient & timely insurance services to policy holders are the need of the hour, said Suresh Mathur, Executive Director, Health Insurance, Surveyors, IMF & Reinsurance, Insurance Regulatory & Development Authority of India (IRDAI).
In the grand scheme of events, most of you would have prioritized leading a comfortable life and ensuring that your family is safeguarded in case of any unforeseen event. One of the first steps needed to achieve this goal is financial planning. To ensure stable and steady growth of your wealth, financial experts advise you to invest in various financial assets. One such asset that not only provides you with an enhanced return but also provides financial security to your family, in case of your untimely death, is term insurance. Read ahead to know more about offline andonline term insurance plans and the importance of term plan adjustments.
Earning money has never been easy, as it takes not only hard work but also intelligent planning and patience. That is why making money is nothing short of a game. This game is also beset with tax problems that take away a large portion of your hard-earned money.
When you’re looking to invest in life insurance, you may find yourself a little overwhelmed. There are lots of terms that you may want explained and questions you may want to ask. Most term insurance plans are more affordable and offer peace of mind while still allowing for flexibility. Here are some answers that can help you with your insurance decision.
Life insurance is an essential part of financial planning and can provide a level of security that allows you the peace of mind to know that your family will be taken care of if you are no longer around.
Life has a way of reminding us of its uncertainty. While we go on about our daily lives, we hear about unfortunate incidents befalling other people. It is unbearable to imagine it happen to yourself. And yet, the harsh reality is that all human life is vulnerable towards a variety of factors, including sedentary lifestyle, quick-fix diets, and environmental changes. You need to accept the reality and plan your life accordingly so that you are not left wanting in desperate times.
In our younger years, we did not quite have to think about death as a factor — something which could affect our lives manifolds. However, with responsibilities weighing on our shoulders, it is imperative for us to think of such factors and come up with a backup plan for the worst.
We never know when “our time” will be. However, we know that whether it be in the next week or several decades that we want our loved ones to be financially cared for with or without us. Thankfully, life insurance, whether whole or term insurance, guarantees that a certain sum of money is given to our beneficiaries after our passing.
Being a family person is one job where we always want to excel. Whether it’s about providing for our family, putting their needs before everything else or protecting themalways, we make sure that our loved ones get the life they deserve. But what if we are not there anymore to watch over and protect them? What would happen to their dreams and aspirations?
Certainly, you should go for term insurance after 40. As your retirement age is far (considering 60 as retirement age) and your family is financially dependent on you, so it is essential to purchase the term insurance even if you have celebrated your 40th birthday. Though you would have to pay a higher premium than a younger person, the cost of the insurance is nothing in front of the financial support which your family will get in your absence.
Availing an insurance policy seems to be a complicated process and a wastage of finances to many people. It is generally assumed that insurance policies include clauses that are deceiving and inappropriate.