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7 Reason Why Should a Person Need Life Insurance

We live in a world of uncertainty. To prevent this uncertainty we should need Life Insurance. It is our sole duty to think about them who are depending upon us. Not only for this, we also need insurance specially Endowment type of plans  for savings too. Now  let's  check out some reason why should we need life insurance.

Read More Are you looking for a Life Insurance? Six Tips for Buying Life Insurance

7 Reason Why Should a Person Need Life Insurance

1. Look you have no idea what will be going to happen next second with you; have you??  If you are an earning person, and there are someone who is depending on you. you definitely need it . Actually he or she who is depending on your earnings, is your liability. He or she may be your wife, your husband, your loving children or your parents. Think about them.

Why Should a Person Need Life Insurance UandBlog

  2. There are three types of risk in our life-

Why A Person Need Life Insurance UandBlog

You can cover all these risks under Life Insurance. 

Let's discuss those topics briefly.

Dying too early- We humans are like a toy of Almighty. No one could see his future. dying too early means you dreams like a big house, a cool car, a romantic dinner in switzerland, all comes to an end. But wait there are something which can fulfil you dream fully or partially.

Living too long- This is also a risk. Look be practical we all know the value of an old person in our family. But what if your son or daughter do not understand your value at that age. This is really touchy, specially in joint family culture; the old one is good for nothing. Insurance like pension plans can give these thought a shit.

Living with disability- Really a pathetic condition. But don't worry my friend, there is a friend who can protect you from this type of risk.

3. The system of Life insurance provides numerous direct and indirect benefits to the individual, his family, to industry and commerce and to the community and the nation as a whole.

The insured - both individuals and enterprises - are directly benefitted because they are protected from the consequences of the loss that may be caused by an accident or fortuitous event. Insurance, thus, in a sense protects the capital in industry and releases the capital for further expansion and development of business and industry.

4. Your ling time goal can be achieved by endowment type of Life Lnsurance. In this type of Insurance you could get a lump-sum maturity amount after maturity, which could help your long term goal.

5. Life Insurance which are non linked plan are fully squared. This type of plan do not invest in share or bond. And if you are not so much trendy with share market or you are like a person who do not want to take risk can easily invest in endowment plans.

6. Life Insurance removes the fear, worry and anxiety associated with one’s future and thus encourages free investment of capital in business enterprises and promotes efficient use of existing resources. Thus insurance encourages commercial and industrial development along with generation of employment opportunities, thereby contributing to a healthy economy and increased national productivity.

7. A bank or financial institution may not advance loans on property unless it is insured against loss or damage by insurable perils. Most of them insist on assigning the policy as collateral security.

Posted By UandBlog

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