|
| |
| Every person has an economic value provider or producer has to be properly insured against any shortfall that might result from his or her death when some one else will be dependent on that person's income for financial security.
Without proper planning, a sudden financial emergency can force a family to act in a manner that would be inconceivable or unthinkable for most parents. They might have to halt children's education and/or have to sell the house and/ or the car and/ or fall deep into debt.
Life insurance does not replace the intrinsic value of a person's metaphysical self. Nothing and no one can. What it does attempt to provide is solid and tangible security to weather the storm that might befall the individual's family and dependents after his demise. Life insurance offers much more then just tax savings and investment returns. It provides financial security against an unpredictable future. A person's insurance needs change with his life stage. Life Insurance understands it very well and have bought out plans which suit these changing life stages |
- A well-planned life insurance fund can clear the pending debts of the insured after his or her imminent demise. At times, this can mean the difference between retaining the family house & heirlooms and losing it by default to the creditors.
- It can also avoid the possibility of a distress sale whereby an item might have to be sold at a much lower price owing to the urgency of funds.
- Insurance can also pay for the cost of higher specialized education. Education in certain specialized fields can cost a staggering amount and owing to the intense competition in the job market today, not many people have the liberty of choice.
- The need of education is clear. Parents who want to provide for their ward's education must carefully save money to provide for their future. Scholarships are not easily available either. Life insurance can easily provide for expected educational costs even if the insured dies before his children's education is complete.
- At times, after the death of the sole-earning member of a household, the surviving spouse may need a secondary qualification current to the prevailing employment market situation. This additional education is critical since only one parent has to bear the responsibility of the entire family. A life insurance policy can provide the funds required to stabilize the family situation until the pending tension has eased off.
|
