Insurance is not a tax saving instrument, nor a low premium a saving
In times of grief, the last thing your beloved ones should worry about is money and their future financial stability. Life insurance is about caring for your loved ones and your responsibility to provide for those who depend on you. Whether you are single, married or have a family, life insurance can provide your family with a sum of money to pay for ongoing bills and other household costs, leaving you or your family with extra savings for other things in life while you are still around. Someone rightly said, in the end a purchase of life insurance is a purchase of peace of mind.
Ideally people should opt for life insurance in order to secure their family’s financial future, yet chances of coming across people who have taken life insurance to save taxes or investments are fairly high. Although life insurance is one of the most powerful financial products, it has been perceived to be complex, mostly due to people mismatching the product benefits with their needs. There are several types of insurance policies ranging from pure protection, known as term plans, to those that can help you save and invest. Which is why when chosen correctly, it can turn out to be a strong financial tool to take on life’s contingencies and not compromise financial goals for your dependents.
Selecting a plan
This story is from the November 2016 edition of Outlook Money.
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This story is from the November 2016 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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