Why your need for life insurance is much more than you think
Your monthly income helps you to meet regular expenses such as groceries, household utility bills, children’s school fees and even an annual family vacation.
Aside from your budgeted expenses, you save a part of your monthly income for unforeseen expenditures like a medical emergency, or for long-term major requirements like buying a home, children’s higher education, and eventually, your retirement.
While trying to secure your family’s future, you need to ensure two things:
One, you have enough savings for major requirements over the span of your life so that you eventually don’t outlive your money.
Second, you have adequate financial protection for your family so that even in the case of your untimely demise, your family’s regular expenses and major requirements in the future are taken care of without any hitch.
Life insurance meets both these major needs for a family’s financial protection. Ironically, people are not fully aware of this aspect of life insurance. Let’s take a closer look at how life insurance plans provide you with lifelong financial protection.
Financial protection for your family
In case of the unfortunate demise of the main income earner, your family needs financial protection so that it continues getting the same benefits it is used to from your regular pay. This also helps keep the accumulated savings intact for major needs in the future and cushions it from commitments such as outstanding loans. Life insurance plans provide the ideal financial protection that your family needs.
How life insurance helps – Life insurance payouts not only help the family of the insured person meet regular expenses, including outstanding loan repayments, but also future financial goals like the children’s higher
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