Life Insurance is Actually a Token of Showing How Much you Love your Family!
Show Your Family You Care with More than Group Insurance
It is the little things that you do that shows how much you care. Something simple, like holding the door open for her or taking out time on a Sunday to take the children to that amusement park they always wanted to visit. Your family might be your first priority, but what happens when the unforeseen happens? Show your family you will love and take care of them even when you are no longer around in person to do so. This is where individual life insurance is important, even when your company might provide you group insurance.
Why is Group Insurance Not Enough?
Yes, your company offers you group life insurance, which has easy premium payments, given that it is shared within the group and part of it is paid by your employer. However, what happens if you plan to change jobs? What if your family suddenly needs funds for a wedding of one of your children after your demise? Will a group life insurance policy suffice?
We All Need a Guardian Angel
Even Bruce Almighty couldn’t prevent bad things from happening, how can we mere mortals? And when the unexpected calamity befalls our loved ones, the best way to be their guardian angel is to ensure financial security to meet life’s challenges head on. Education abroad, a wedding, sudden medical emergencies, almost every type of large and small expense can be taken care of because you have the foresight to plan for it all with adequate life cover.
While this is sometimes a big reason why we invest in life insurance, it should not be the primary reason. At the same time, it is important to know that you get to save not only on the premiums paid during your lifetime, but your beneficiaries can receive the sum assured without having to worry about losing a portion to tax. “Insurance plans provide attractive tax-benefits for both at the time of entry and exit under most of the plans,” says an article on the advantages of life insurance by Life Insurance Council.
So, You Live & Work Abroad?
Even if you live outside India but would like to show your family back home you care and that you will take care of their needs, there are NRI solutions that could come to the rescue. For instance, Birla Sun Life Insurance offers Vision LifeIncome Plan, which is a whole life plan that offers the usual death benefits but also provides a steady source of income. This NRI life insurance policy provides survival benefits for each year, from the time you finish paying the premiums to the maturity date of the plan.
Don’t Rely on Your Income Alone for Life Events
Every stage of life brings its own expenses, marriage, childbirth, education, retirement, old age. The ultimate sign of your love for your family is to ensure that they are never in want when any of these life events face them. Your wife is having a baby, your daughter wants to study abroad, your father needs hospitalization or you want to sustain your family’s standard of living after your retirement – whatever the situation, you will be prepared for it all when you top up the group life insurance policy offered by your employer with your own individual whole life plan. In fact, you can make cash withdrawals from some types of plan, even up to an amount equivalent to the total premiums paid, and these are income tax free as well, says another article on the advantages of life insurance by Gateway Financial.