You need life insurance not for one reason but many. Life insurance not just provides you guarantee but it also lets you live with ease. Given that your life is exposed to various risks you need life insurance to:
• Fulfil your family's financial requirements:
Sustenance is impossible without an intact cash resource. Your family is dependent on your income more than you are. You need to keep their present as well as future financial requirements in the view. Your family members need to carry on with their lives even when you are not with them. Without you their financial sources will cease. So it is your responsibility to arrange for an alternative source of income for them or anything that can make them move on.
• Repay debt:
Loans and debts are an inseparable part of financial planning for most of the people. It gives you an additional source of funds. There is no harm in taking loans. However, you should also be able to pay it back what so ever is the case. If you have taken a loan you should definitely have a life insurance policy also. Having an appropriate life insurance plan will save your family to take the burden of repayment of loan in case you are no more. Calculate how much debt you need to clear and add it to the sum insured of your life insurance policy.
• Get emergency funds:
A life insurance policy can let you avail loan against the amount you have paid as premium. So it is not just for your family but also to fulfil your own needs.
• Avail other benefits
There are many riders available with a life insurance policy. These riders help you to extend the benefits you get from your life insurance plan. Besides death benefit, you can get many more benefits which add value to your plan. Disability benefit, accidental death benefit and dismemberment benefit, critical illness benefit, waiver of premium, accelerated death benefit and the list goes on. The rider you choose is subject to the kind of life insurance plan you choose.
How much does Life Insurance cost?
Today, you can buy life insurance plans at highly cost effective rates. Do not be surprised if you come across term insurance plans which offer you life insurance coverage of Rs 1 crore at a premium in the range of Rs 7,000-12,000 a year. Online term plans are rather cheaper if you intend to save even more. Not only you save yourself from paying for agent's commission but the comparison of term plans online can let you pick the cheapest term plan with the required sum insured and you are able to save on the premium by 40 to 60 percent.
Taking the above example as yardstick, you can guess how much it would cost to avail insurance of Rs 50 lakh or Rs 2 crore. The prices generally fluctuate by some percentage in case of different coverage points. Nevertheless, it is a buyer's market and you can expect great deals coming your way.
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