Why Life Insurance Is Important? Essay On Life Insurance, Paragraph On Life Insurance.
Why Life Insurance?
Life Insurance is a must for everyone. Regardless of how much one earns- every individual who has needs and different life goals and wants to eliminate much of the uncertainty of life will love to go for Life Insurance. Essay On Life Insurance.
To begin with, let me start by telling you that Life Insurance is a product designed to meet a specific necessity.
Life insurance is defined as a contract between the policyholder and the insurance company where the Life insuring agency or company pays a specific sum to the insured individual’s beneficiary who can be one or more individuals in the event of a death of the insured person. But if the insured survives the term, depending on the type of the policy, he or she may receive the full or a part of the face amount of the policy. Essay On Life Insurance. Read Paragraph On Life Insurance.
Essay On Life Insurance
Life Insurance Statistics
Only 59% population of the U.S. has gone in for the Insurance for Life, whereas 10% of India’s population is insured. If you happen to be the sole bread earner in the family and you were to pass away then the consequences can be devastating for the family to pay daily household expenses, debts, and maintaining a minimum standard of living.
People who are young in age think that Life insurance is not for them but for older individuals. That is a big myth. In fact, it’s better to go for Insurance early in age as the premium paid is less. It also helps the students to get loans for higher studies. Paragraph On Life Insurance
The Life Insurance market is thorny one too many. As a result, many forget about it unless reminded. This is just the reason this article is written so that potential clients gain a fair knowledge and expertise so that subsequently, they can make an informed and conclusive decision. Essay On Life Insurance
Why Life Insurance Is Important?
The following are the 10 credible reasons that are important that you go for Life Insurance and how it helps
1. Peace of mind all your life as you are assured of a financial safety net if you expire
2. Insurance will pay a fairly good amount to help with financial breach left behind.
3. the life insurance coverage can normally be clumped with other types of life insurance.
4. Few types of coverage have a cash value i.e a portion of the paid premium is set aside and either accumulate interest or is invested in the market. You have the option of borrowing from the cash value or keep it as an end of life payout.
5. Payouts are normally tax-free.
6, Most policies provide an advance benefit without a waiting period, to tide over immediate costs following death.
7. The policy terms are straight forward.
8. The ability to take a loan out on your policy.
9. If you outlive your term you no longer have to pay the premium.
10. Riders are additional benefits that can be bought and included in a very basic insurance policy. The options allow you to increase your insurance coverage. Riders protect risks that are beyond the realism of the main life policy which in turn results in more comprehensive protection to the insured. Paragraph On Life Insurance
Essay On Life Insurance
I conclude by adding that Life Insurance is vitally important in today’s world and age. I have listed above the advantages of going for a life coverage with insurance. Once you have gone through the text, a good agent like myself can help you with a lot of FAQ’s (Frequently asked questions} and replies that will not only satisfy your curiosity but convince anyone into buying and signing this wonderful forward-thinking contract because this agreement will not only give the client a peace of mind and confidence but a life without worries. Essay On Life Insurance