Life Insurance
Why it is important ?
Life insurance is important because it provides financial security and peace of mind to your loved ones in the event of your passing. It ensures that your family is protected from financial hardships, covering expenses like daily living costs, education, debts, or even medical bills.
Additionally, life insurance serves as a long-term investment, offering benefits such as savings or retirement income through certain policies. It is a critical tool for safeguarding your family’s future and maintaining their quality of life, even in your absence.
What it Covers?
Life insurance typically covers the following:
- Death Benefits: Provides a lump sum payment to beneficiaries in the event of the policyholder’s death.
- Financial Protection: Helps cover living expenses, debts, and future needs, such as children’s education.
- Critical Illness or Disability (Optional): Some policies include riders that provide payouts for critical illnesses or permanent disability.
- Funeral and Burial Costs: Covers the costs associated with final rites and ceremonies.
- Loan Repayment: Helps pay off outstanding loans or mortgages to ease financial burdens on the family.
Coverage specifics can vary depending on the type of policy and the chosen riders.