Importance of a life Insurance
Gone are the days when life Insurance was an identification that you are an impulse buyer .Lifer Insurance ids equally important as that of Auto Insurance .This therefore draws to the conclusion that investing ones money to paying premiums monthly is equally not a bad idea after all . With life Insurance, so many developments are made which make it easier to acquire it with ease. Life insurance has made it able for one to acquire without necessarily following up with the so-called medical records in order to obtain it. This is quoted to be one of the distinguished ways in which has resulted to the 30% increase in the demand of life insurance. Life Insurance has also enabled individuals to acquire an elaborate peace of mind, especially those who already have acquired their respective families .They are able to remain calm they are aware that their family is financial secure d even with his/her absence today and in the future to calm. The following concludes the reasons why obtaining a life insurance is a vital element in one’s life:
- Cover Any Financial Expenses
Most Chronic disease can have a financial burden to both the individual and the immediate family .It even causes one to obtain unrealistic loans from bank that a very strenuous to pay or even result to borrowing money from immediate family and friends which sometimes can be quite embarrassing . Then why should you have to undergo through all this yet you can easily obtain a life insurance depending on your ability. As earlier mention, life insurance has made it easy for people to acquire it. One thing that has been made possible is obtaining a life insurance with no medical check necessity. Medical checks and procedure shy a lot of people away for an number of reasons .One of them being the cost ,doing medical checks can be quite expensive especially if you are suffering from some sort of chronic disease .Several companies that offer Life insurance in Ontario has made it possible to obtain life insurance. Also with life insurance, it does not only cover the hospital bills and medical necessities. It can also cover funeral arrangements to the deceased.
- Cover the Family
There is a great feeling that every parent gets when their children are financial secured even one kicks the bucket. With life insurance, one is able to take care of their children’s education also .Especially considering that today for one to acquire quality college education it involves money. So therefore ,it is much reasonable to start securing their future by putting the savings to premiums .With life insurance it also covers the family also be replacing the income of one of the spouses is if by any chance one of them become deceased . An example is if today I tragically lose my wife yet she had some contribution to the family expenses in some way .Then the life Insurance will come on board and replace my wife’s income and thus still accommodate to sustain our initial lifestyle before the whole tragedy.
- Gives Time Allowance
It is clear that life insurance is not purportedly benefits the dead but it is meant for the living. Therefore, in a case scenario where the breadwinner becomes deceased, the immediate family at this time faces many difficulties in readjusting themselves and at the same time mourning for the dead .In this case then that is now when the life insurance comes to play. With life insurance, it gives them time to readjust i.e. if it is looking for another source of income or if it is moving to a cheaper home as compared to where they were living .It caters for all this by either making for the necessary payments or paying for the children’s education.
- Reduces the Trauma
Losing someone, you loved and expecting to spend the whole lifetime with is something devastating. It causes a lot of restlessness in an individual and lack of a peace of mind to be productive in different areas of specialty. A life-insured person however will not have a hard time in regaining back their peaceful mental state. Since it would have released some of the burden that was entirely causing one to be in that particular state of mind .For example, if one was worried about where to get financial support that would continue sustain their particular kind of lifestyle ,life insurance comes in .
Another way in which life insurance comes in on reducing trauma is proving different types of insurance depending on one’s specifications .No needle life insurance being one of the highlighted that helps to reduce trauma from an individual . Remember this is a hetero –type not society everyone has different types of phobias that causes a certain line of trauma; an example is the fear of using needles. Life insurance has been able to assist on the posttraumatic effects of using needles during any medical coverage and come up with the no needles life insurance.
- Tax Advantages
Life insurance has tax advantages which enables an individual plan for their future .This scenario mainly takes place when obtaining a permanent type of life insurance .Some of the ways an individual can benefit from tax advantages when under life insurance include:
- Tax free dividend
- Tax _deferred growths
- Cash Withdrawals
An example is that during the cash withdrawals, one can simple withdraw money from the policy, if only the cash has some certain value in it and the withdrawal will be tax-free. The withdrawal is only done up the limit of the monthly premiums the holder of the insurance pay on a monthly basis.
Life insurance is equally important as to Auto insurance. It subjects one to plan for the future finically .It also encourages the idea of saving and funds management .In the context that money is not used haphazardly rather than money is planned for. Life insurance does not only cater for the deceased and the immediate family but also the state at large .The reason being the burden of budget allocation to the deceased family is as well as eliminated .This therefore creates a scenario of a more stable economy of both the state and the individual .Life insurance is a really important task.