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That life insurance is a must-have is an indisputable fact. The idea behind life insurance is to ensure that dependents are financially taken care of, especially if the primary or sole breadwinner of the family happens to pass away suddenly. In this case, the burden of financial responsibilities like running the household, repaying debts/loans, securing investments, etc., fall on the dependents, who may not be financially equipped to handle them. A life insurance policy is a contract between the insurer and the insured wherein the insurer provides life cover to the dependents of the insured in exchange for a cost known as premiums. If the insured happens to pass away before the end of the designated policy term, their nominee/dependents are provided with the sum assured amount.
When it comes to life insurance, it is not something which everyone needs. It is essential for those individuals who are financially supporting dependents like aged parents, a spouse, siblings, or children. However, it is not necessary for individuals who are not married and do not have to financially provide for any dependents. For example, ideal candidates for a life insurance policy would be young individuals who are married with/without children, single parents, and retirees/senior citizens.
Deciding the coverage amount for life insurance can be a challenging part as it involves assessment of not only financial but also lifestyle-related aspects of your life and family. Some of the most important things which you must consider are:
When it comes to life insurance, there are a number of factors which influence the premiums which the insurer sets for you. It is commonly known and advised to buy insurance while you are young, in order to avail lower premium rates. Younger age is associated with better health, and hence lower risk. Besides age, there are a number of other factors which affect premiums. These include:
The primary purpose of life insurance is to provide risk protection. The first and foremost goal of having life insurance is providing financial protection to your loved ones, in the event of a misfortune. In addition to that, life insurance policies can also be used to fulfill a number of other purposes like leaving behind an inheritance/legacy for your successors, provide for your child’s education & marriage, to buy a house, receive post-retirement income, transferring wealth, etc.
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