What is Insurance for Life?

Insurance for life, commonly called ‘Life Insurance’, is an insurance product designed to financially secure the dependents of the life assured against life risks like death and disabilities. These plans protect your family by providing them with the death benefit for the policyholder's death during the policy term. Let us take a look at why you should get a life insurance policy: 

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Why Should You Buy a Life Insurance Policy?

Life insurance can ensure your family's financial stability in the event of your unfortunate demise. The policy will cover the entire policy term as long as the premiums are duly paid. Then, in case of the policyholder’s untimely death during the policy term, the insurer will payout the life cover to help ease the financial strain on the family. The nominees can use the benefit amount to cover their monthly needs, child’s fees, and rent.

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What are the Types of Life Insurance Policies?

Here is a list of the different types of insurance for life available in the USA:

  • Term Life Insurance

    Term insurance is a type of life insurance that offers financial coverage for a fixed term and during that tenure, if the policyholder suffers an untimely death, the insurer will pay the life cover to the nominee of the policy. However, this plan offers no maturity or wealth creation benefits.

  • Whole Life Insurance

    A whole life insurance policy is a type of life insurance that provides coverage for the entire life of the policyholder (till 99/100 years of age). These plans offer cash value accumulation benefits, guaranteed death benefits, and the loan facility.

  • Universal Life Insurance

    Universal life insurance is a type of life insurance plan that is very similar to the whole life insurance policies as it offers coverage for the entire policy term, but it also has fund options in which you can contribute for higher returns and create wealth over time.

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Do I Need Life Insurance Plans?

Yes, everyone needs insurance for life as most individuals already have financial dependents or may have dependents sooner. Here is a list of reasons on how a life insurance can help you:

  • The payout can replace income in your absence

  • Family can pay off remaining debts and loans

  • Dependent kids can pay for their higher education

  • Leave a guaranteed legacy for the family

  • Secure your or your spouse’s retirement after the end of your monthly income

  • Family can use the payout to take care of the funeral costs

How to Determine the Right Type of Insurance for Life?

You can determine the right type of insurance for life by assessing your and your family’s financial needs and the tenure for which you want to cover your dependents. But to help you understand a little better, here is a list of benefits of life insurance plans:

  • Term Life Insurance

    • Lowest premiums compared to other plans

    • Death benefits on the death of life assured

    • Customisable coverage and policy term

    • Quick and easy policy issuance

    • Best Suited for income replacement 

  • Whole Life Insurance

    • Cover till 99 or 100 years of age

    • Cash value accumulation

    • Death benefit on the death of the policyholder

    • Liquidity offered through a loan facility

    • For people who want to ensure a legacy

  • Investment Plans/Universal Life Insurance

    • Wealth creation through market-linked funds

    • Death benefits on the death of the life assured

    • Bonus offered as per policy participation

    • Offers liquidity via loan facility

    • For securing retirement or a child’s future 

* You can use a life or term insurance calculator to get an estimate of the premiums you would need to pay for the desired life cover.

FAQ's

  • Q: How much does life insurance cost?

    Ans: The cost of life insurance plans depends on a variety of factors like age, medical history, smoking and drinking habits, lifestyle, and the type of life insurance you choose to buy. Generally, the younger you are, the lower the premiums will be.
  • Q: How much life insurance do I need?

    Ans: When deciding the right life cover amount for your life insurance plans, you should assess your needs, your annual income, potential inflation, and your family’s monthly requirements. As per the general thumb’s rule, the insurance for life cover amount should be at least 10 - 15 times your current annual income. You can also use the human life value calculator, to check the ideal cover you should opt for at the time of buying the best life insurance policy.
  • Q: When is the right time to get a life insurance policy?

    Ans: The right time to get a life insurance policy is as soon as possible. This is because the premiums increase as you age, and thus if you purchase a policy early on, you will be able to secure a large coverage at low premiums. Also, buying life insurance early ensures your family’s financial protection for the longer term.
  • Q: Who needs a life insurance policy?

    Ans: Individuals who have financial dependents should buy insurance for life to secure their financial future in the event of their unfortunate demise during the policy term. If you are the family's main breadwinner, a life insurance policy can replace the income in your absence and help them fulfil their financial goals.
  • Q: Should I buy life insurance even if I already have work insurance?

    Ans: Yes, you should buy an individual life insurance plan even if you are covered under corporate insurance because, in individual insurance, you can customise the policy details like the policy term and sum assured as per your needs. Therefore, with individual insurance for life, you can secure your family with suitable life cover and ensure their financial needs are met even in your absence.
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