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Why Future Planning Should be Taken More Seriously
Life is Unpredictable
According to Association of Safe International Travel, every year, around 1.3 million people lose their lives in road accidents, which means 3,287 deaths a day! More than half of the people involved in these accidents are aged 15-44 years, which is the most productive time of our lives. In 2013, 1.25 million deaths were registered globally and over 1,37,000 people were killed in India along in the same year.
In India, a person dies due to road accidents every 4 minutes. Unfortunately, this is only one of the reasons for untimely deaths in the country. Think back to the people celebrating their Christmas vacation on the beautiful beaches of Southern India in 2004, when the massive Tsunami hit, or the people who died in the Gujarat earthquake of 2001. They couldn't have done much even if they had known about these disasters a few hours ahead.
According to the Center for Research on the Epidemiology of Disasters (CRED), 337 natural disasters and 192 technological hazards took place around the globe in 2013. In 2010, 297,728 people lost their lives because of a natural calamity. You cannot plan for any of these incidents but what you can do is plan your future in a way that your family is secure even after your demise. Wondering how? This is where a life insurance premium calculator becomes important.
How to Decide on an Insurance Policy?
When you opt for an insurance plan, a fixed amount has to be deposited regularly, which is called the premium. This premium depends on the plan and the provider you opt for. The return you get is directly proportional to the premium you pay. So, how do you decide on a policy?
The first thing to check is the amount of cover you need. This, along with several other factors, such as chances of claims, age of the policy holder, etc. will determine the premium amount you will be charged. For example, a 25-year old bike stuntman will have to pay a higher premium than a 35-year old man who has an office job and drives a sedan.
The provider or the insurance company takes many factors like age, health, life history, etc, into consideration to decide the premium. The good news is that you can check out the different premiums you will be liable to pay with an online life insurance calculator. For instance, Insurance Premium Calculator has made it easy to check different policies to see what falls within your budget. All you need to do is go to their website, provide some basic information and it will come up with the exact premium amount.
Benefits of Life Insurance?
According to Life Insurance Council, insurance not only provides you security but also guarantees savings for the future. Here’s a look at some of the major benefits of opting for life insurance:
- Long Term Investment: It is a safe investment, since you are sure about the death benefits your family will receive. For example, if you invest the same amount of money in property, there is a chance that after 20 years the rates may go down or may not rise as much as you would have wanted. However, life insurance ensures that the investor gets the promised returns on his investment.
- Secures Future: In the 2001 Gujarat earthquake alone, more than 20,000 lives were lost, around 167,000 people were injured and more than 400,000 homes were destroyed. We pray that an incident like this does not happen in future but it is always better to take precautions. Life insurance provides support for marriage and education of children, and even a comfortable retired life for you.
- Loan against Policy: This is one of the additional advantages of an insurance policy. The holders have an option to take a loan against their policy. This can prove to be great help when there is an emergency and immediate funds are required.
There could also be some additional benefits that vary from plan to plan. It is our duty to make sure that our family is not affected in case of an untimely accident. When it comes down to budgeting, a life insurance calculator will help you plan things better.