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Features
Ref. No. KLI/22-23/E-BB/492
Life insurance offers financial protection and peace of mind for your loved ones in case of your demise. It provides stability and support during challenging times while securing their future.
Among the plethora of investment options available, life insurance stands out as a cornerstone of financial planning. It not only provides a safety net for your loved ones in case of your untimely demise but also offers various other benefits that make it an indispensable part of a comprehensive financial strategy.
You and your family need reliable life insurance for unforeseen and difficult times. A life insurance policy protects and financially secures the family in times of need. Thus, it would be good to think about buying life insurance at the earliest. Buying a comprehensive cover as early as possible will offer multiple other advantages.
Life insurance is essential to a comprehensive financial plan, providing security and peace of mind to individuals and their families. Despite its importance, many overlook life insurance due to misconceptions or a lack of understanding. Here are some compelling reasons why you should consider buying life insurance.
The primary purpose of life insurance is to provide financial support to your dependents in the event of your untimely death. This support can help cover living expenses, education costs, mortgage payments, and other financial obligations. Without life insurance, your family might struggle to maintain their standard of living.
If you have outstanding debts such as a mortgage, car loan, or credit card balance, life insurance can ensure these debts are paid off, preventing your loved ones from being burdened with financial liabilities. This is especially important if your assets are insufficient to cover these obligations.
For families reliant on a single breadwinner, the loss of income due to the death of the earning member can be devastating. Life insurance can replace lost income, ensuring daily expenses and future financial needs are met without significant lifestyle changes.
Knowing that your family will be taken care of financially, no matter what happens, provides immense peace of mind. Life insurance helps mitigate the anxiety and uncertainty of life’s unpredictability, allowing you to focus on living your life to the fullest.
Life insurance is a critical financial tool that offers a range of benefits, from providing a safety net for your loved ones to offering significant tax advantages. Here are the top 12 reasons to buy life insurance.
The primary purpose of life insurance is to ensure that your loved ones are financially secure in the event of your untimely death. It provides a lump sum payment that can cover daily living expenses, education costs, and other financial needs, helping your family maintain their standard of living without financial stress.
Life insurance can help manage and pay off outstanding debts such as mortgages, car loans, and credit card balances. Covering these liabilities prevents your family from being burdened with debt during a difficult time.
Life insurance premiums are often tax-deductible under certain sections of the Income Tax Act, such as Section 80C in India. It allows you to reduce your taxable income and save on taxes, making life insurance a smart financial move.
Certain life insurance policies, like whole life, accumulate cash value over time. This cash value can serve as a financial resource you can borrow against or withdraw from in times of need, protecting your money while providing life coverage.
Life insurance can play a crucial role in estate planning. It ensures that your heirs have the necessary funds to pay estate taxes, legal fees, and other costs associated with transferring your estate, preserving your wealth for future generations.
For business owners, life insurance provides essential coverage to ensure business continuity. It can fund buy-sell agreements, cover the loss of a key employee, and pay off business debts, protecting your business’s financial health.
Knowing that your family’s secure financial future provides immense peace of mind. Life insurance alleviates the worry about how your loved ones will manage financially without you, allowing you to live your life confidently and assuredly.
Contrary to popular belief, life insurance can be quite affordable. Term life insurance, in particular, offers high coverage amounts at low premiums, making it accessible to a wide range of people regardless of their financial situation.
In addition to saving on income tax, the death benefit from a life insurance policy is generally tax-free for the beneficiaries. It ensures your family receives the full policy amount without worrying about tax liabilities.
Buying life insurance while you are young and healthy locks in your insurability. As you age or if your health declines, obtaining coverage can become more difficult and expensive. Early purchase secures your ability to be insured at a reasonable cost.
Life insurance can provide financial support for your spouse or partner, ensuring they are cared for financially. This can be particularly important if they depend on your income or if you want to leave a legacy for them.
Life insurance policies can be tailored to fit your specific needs and circumstances. You can choose the coverage amount and policy term and add riders or benefits that suit your unique situation, ensuring you have a policy that meets all your requirements.
The adage “the earlier, the better” holds particularly true when it comes to investing in life insurance. Purchasing life insurance early in life offers a myriad of benefits that can have a profound impact on your financial security and peace of mind.
Life insurance is a versatile and essential financial tool that offers many benefits. From providing a safety net for your loved ones and handling financial liabilities to offering tax advantages and peace of mind, the reasons to buy life insurance are compelling and numerous. Whether you are planning for your family’s future, securing your business, or ensuring your estate is handled smoothly, life insurance is a wise investment that can provide long-term financial security and stability.
1
Life insurance is not just for older people. It is wise to consider purchasing it at a younger age because premiums are generally lower, and you can lock in your insurability while you are healthy.
2
Yes, many life insurance policies allow you to make changes, such as increasing coverage, adding riders, or converting a term policy to a whole life policy. Check with your insurer for specific options.
3
Yes, you can borrow money against the cash value of certain types of life insurance policies, like whole life or universal life insurance. This is not possible with term life insurance.
4
If you develop a health condition after purchasing life insurance, your existing policy remains in effect and unchanged. Your premiums will not increase, and you will continue to be covered according to the policy terms.
5
Purchasing life insurance when you are young and healthy is beneficial because you can secure lower premiums and lock in your insurability, ensuring future coverage even if your health declines.
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Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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