How Life Insurance Helps you to Stay Financially Safe?
The most essential investment one can actually make for their life is
life insurance. The thought of most of the people is we need protection only for the coverage of risks.
Only because of the options which are present in bulk today, the mindset of people has turned life insurance companies to be more for marketing and profits and they think that being financially disciplined is the only way for living a life without stress.
But no one can predict the future incidents that may happen. Nobody knows about the accidents which may happen anytime and with anyone, and then there might not be any back up option for your family and loved ones.
If you think about future and want to enjoy your days even after your retirement with your family, then life insurance is the most important of all. Insurances are of many types you can choose from and also, the reasons of why you should buy a life insurance are many.
If you want to know and understand the benefits of insurance and the security provided with insurance to your finance, them come with us below.
Protection given to your family from any hardships regarding finance
If the only member of the family who earns or the member who has the highest earning passes away, then the family tends to live a life full of difficulties.
But still, you can save your family from various difficult situations if you take right steps in a proper way. There comes a point when one cannot afford many expenses if someone who is the major earning member of the family, dies.
The families of the government employees can still run everything smoothly with the pension of that family member. But, the people who have their business or are doing some job in private sector must have a life insurance with PTIC so that their families won’t suffer after they passes away.
When the family members will be suffering with the pain of death , at this time, if they will be in need to ask their relatives and near and dears for some money, it adds to their pain. Until your family do not become financially stable afterwards, it is important for you, if your whole family is dependent on you financially, to take your responsibilities properly now and eventually at that time too. You have done everything possible for your family in your presence, then what is wrong in giving them a last favor too by making them stable even after you will be gone.
Don’t give your family the pressure of clearing your loans off
However, many individuals who get retired from their job or are senior citizens do not quit their jobs until their loans get cleared but still, many people out there have this kind of burden on them. It is totally unpredictable that what will happen the next moment.
This is the reason, we should make ourselves capable of facing each and every situation. In such unfortunate incidents, PTIC given life insurance can be your perfect financial partner.
But if your spouse and you are paying the Equated Monthly Instalments (EMI) altogether, then there are lesser chances of their life being challenging. But if you are paying EMI alone, then your family will surely suffer if you don’t even have a PTIC life insurance.
This is the reason why getting a life insurance, also with a premium that is reasonable and a good coverage , is essential for your and your family’s better future financially.
Make your funeral be peaceful
People take death to be a solution of all your problems. But at the same time, the cost of the funeral itself becomes a burden for the family. Studies proved that people having their economic stature high tend to have expensive funeral.
Funerals expenses are also dependent on the beliefs of the dead person in religion. Whether you cremate or bury the body, these ceremonies cost so high. Also, the expenses of food and get together of all the relatives and friends for the last rite add to the hole in the family’s pocket.
The coverage of a PTIC life insurance after your death will not make the funeral expenses to be a burden for your family. Like at the time of retirement, we have to make many arrangements for the function but people usually don’t feel the need to plan for funerals. But it is also important equally and also is very expensive for most of the people. So, by getting a PTIC life insurance, your death does not get more painful with the expenses than it already is for your family.
Invest your money for a long-term
Along with the advantages provided by life insurance after the death, it also works as a good way of investments that can be for many reasons. But, A team life insurance does not work well, if you need some cash-based returns but in instance, a permanent life insurance can give you many benefits related to investments.
One of the major advantage of permanent life insurance is that there is an entire tax free growth. The permanent life insurance has the component giving cash value where you need not pay any tax for the dividends that you are earning. The compound interest factor also has its role if you are investing the money for a longer time.
If you have taken a term insurance, then you will possibly not get any claim bonus with your money. But in the case of permanent life insurance, the premium gets multiplied with interest and thus, provides more money to you. Along with all this, if you want to travel in the insurance investment market then you all must see endowment plans and unit-linked plans of insurances also. You can also see and check the calculator of retirement planning.
Don’t let your retirement be a burden on your pocket
With the present day attention to the healthcare, people tend to live more now i.e. their life spans are more or less increasing with these amenities. It is only relieving for the families with highly secured financial conditions.
But, it is non- questionable fact that any kind of medical expenses prove to be a burden. After retirement, everybody wants to live rest of their life enjoying. But, if you are spending your retirement bothering for finances, then it is merely a bad idea.
Life insurance is an ultimate method of planning retirement. You can have term- based insurances which will provide you benefits of being tax-free when matured or on vesting. There are also tax- free premiums. So we can confidently say that there are plenty of investment options if you want a term based of permanent life insurance.
If you want to get good returns that too at early age, then you should invest in any insurance- based funds. This will eventually help in making your retirement worth living and also comfortable.
Term insurance
Term insurance policies are also pretty popular. But, these turn not be a good choice for individuals who have started investing and saving too early in their age. As they provide only a fixed term coverage. You claim the insurance at the time of any mishaps during the tenure and you can reap the benefits.
But, if you do not claim the insurance in between the tenure, then there may be no future benefit of this policy. So, the only benefit arising is that you can get your cover amount, without taking in consideration the number of paid premiums. But, you will definitely not get your money back if you remain hale and hearty during the tenure.
Money or cash plans
This plan is the least popular among all the insurance plans available in the market. But, at the same time, it is very beneficial sector to invest in. it provides double benefits to the investor – firstly, you get benefits of survival regularly and secondly, you will get the complete coverage of the plan for a fixed term.
There is an additional advantage also that you can opt the duration of the insurance. When you will be getting the survival benefits, you can also get coverage for this fixed term insurance completely in the case of any accident. Moreover, if you did not need to claim it in the time of the term, you can also get maturity benefits.
The major advantage here is that these plans provide the whole amount as promised i.e. complete life coverage even if there is any life risk and the amount is not compromised even if some of the money is already paid to you in instalments.
Whole life insurance
It is the most popular among all and also satisfy all the things that an insurance should do. As in the case of term insurance policies, you get benefits for a fixed time but with protection which is permanent and the coverage is for the whole life span. It is one of the best options for individuals who are the only earning member in the family or on whom the whole family is dependent for the case of any unexpected mishap.
There are several premium ranges and coverage available from which you can choose the best and affordable for you. These are with the minimum terms which you can keep reviewing when you pay the premium. Also, the maturity benefits can reaped directly at retirement, if you do not want to pay any premium.
Children’s policy
Everybody wants to give their children everything and the best. Nobody want their children to face lack of money and they want to make their children financially stable.
Throughout their life, parents only try to give their children everything best whether it is education, career or even marriage. As all these facilities and convenience need money and with the growing age, they do not remain able to maintain that level financially due to the age factor.
With these children policies, you can invest your money today that you can use tomorrow for your children’s future. Your children can eaily reap the benefits after they reach the eligible age that you have set for them. These are a good option for investment especially for parents having children late.
Annuity plans
It is just same as the pension plans and these are specially for those who are planning to retire and then have their future secured.
In this, you can invest the money in one time or you can invest for a fixed time in dividends periodically.
It does not have much benefits like other policies, but it will make your future secure after retirement.You will live with peace without any worries regarding your expenses and funds.
Start this plan early and you will get to invest more money and eventually, you will be able to get more money after retirement.
Investments made in life insurance prove to be one of the most intelligent decision for the stability of your future financially.
We have thousand of options available for you in PTIC and we will also help you to choose best for you and your requirements to ultimately live a future carefree.
