The on-going pandemic has reiterated the necessity of adequate life insurance cover in our lives. Many people think that a comprehensive health insurance plan will suffice in case of medical emergencies. While that is true, have you given a thought to what happens to your family in your absence? That is when life insurance comes to your rescue.
A life insurance policy ensures financial security to your dependents in the event of your untimely dismissal. The uncertainty of pandemic can put a strain on finances, especially if you are the sole earning member in the family.
In this section, we will be discussing in elaborate details why life cover is essential during COVID-19.
- Financial protection to your loved ones
Security of the family is the top-most priority for anyone planning their future finances. This can also easily stress out an individual if they are the sole earner of the family. So, to tackle this overburden, a life insurance policy is a must.
The primary objective of buying life insurance cover is to protect your family’s financial future in your absence. Knowing that your loved ones will be able to cope up financially after your death gives you much-needed peace of mind.
If you are worried about the cost of the policy, use the life insurance calculator to determine the premium amount based on the coverage chosen. Based on the results, you can then choose a life insurance plan, that is affordable and best suits your needs.
- Repay financial liabilities
In the course of life, we all require some financial support to accomplish our life long dreams. You will seek a home loan when buying a new house or a personal loan for your child’s future. In the end, there will be one or another liability to take care of. At times, dealing with these liabilities can be overwhelming, especially during a pandemic.
During such times, if anything were to happen to you, the entire responsibility of repaying these debts falls on your family members. Having a life insurance plan will ensure that your loved ones do not have to suffer economically to repay your debts.
The payout received from the life cover can be used to repay the loan amount so that your family continues to live life without any financial burden.
- Accomplish long-term financial goals
While you are alive, the life aspirations and goals of your loved ones will be fulfilled without any financial distress. What happens when you are no longer around to fund them? You certainly do not want them to feel the financial crunch in your absence.
Having a life insurance policy like the Unit Linked Insurance Plan (ULIP) will allow you to enjoy the benefits of life insurance cover and wealth creation. It helps you accomplish your future financial goals in time. So, you can invest in ULIPs for your retirement as well as your child’s future.
- Avail low premiums at an early stage in life
Often, people avoid buying a life insurance plan, as it is expensive. However, it is imperative to know that life cover for those in their 20s is much cheaper compared to buying the policy at a later stage in life. This is because you are much healthier in your 20s compared to your 50s.
If you are unsure of what your premiums will be, you can use the life insurance calculator to determine the same based on the coverage chosen and the policy tenure.
Over to You
A pandemic-like situation only highlights the need for an adequate life insurance plan. In India, there are several life insurance products available in the market. Depending on your current financial situation, expenses, and future financial objectives, you can choose a policy that is affordable and fulfils your insurance demands.
In the end, it is essential to have yourself and your family financially covered in the face of life uncertainties.