It protects against unplanned events : OK, so you have been through your rash driving phase in life and now drive very carefully. But can you ensure that everyone on the road is driving safely – unfortunately NO. There can be surprises and some of them might be unpleasant – why take chances when you have options. Not many flight accidents happen – but they do happen and there are passengers who get affected – you may also be one of them. At a small cost when you can ensure that your family is well taken care of, why not do it. There is nothing worse than you leaving your family in dire circumstances when you could have secured them at a small cost every year. Secure your family future with life insurance. Go in for the cheapest type of life insurance that has a high enough cover. This holds true for health insurance also. Take adequate amount of health insurance so that your family can afford the best medical treatment available. Compare cheap insurance plans at MyInsuranceClub.com
It can be used as an investment tool : While plain vanilla term insurance is the best for providing maximum amount of cover, there are insurance plans which can be taken to take care of your investments also. Some part of the annual premium paid by you will be directed towards the markets and some part of the premium will provide death cover. So your money grows and in the ling term it can provide healthy returns.
It can be used for planning you children’s future : It can be a great tool to ensure that you receive bulk amounts at pre-determined times of your lives or your children’s lives. So lets say, you know there is an expense which you would have to incur for your child’s higher studies, 15 years from now. So take an insurance plan which matures 15 years from now. It could be an aggressive investment plan or a plan which is more in debt instruments – the returns might be lower – but they are more certain for sure.
It can be used as a good retirement planning tool : Same goes for your retirement. If you do not lock-in money every year or every month – chances are that there would not be too much left when your source of income dies down. Thats when your medical expenses peak and your source of income has dried. Plan for it at least 20 years from that date so that there are no surprises. And don’t just keep hoping for the best!
It gives you peace of mind : What better feeling than knowing that your family can do without you! Ya ya, not when you are alive. But the very fact that your loved ones need not depend on anyone else in case of any unfortunate eventuality is in itself a great feeling and you can then live life to the fullest. You don’t have to think when spending on that new car as long as basics savings are in place. So go ahead and splurge!