Is It Worth Buying Life Insurance?

Life insurance plan is specifically designed to offer financial protection and support for your dependents in case of their untimely death. But, everyone’s needs are different and it can become challenging to determine if a life insurance plan is worth the investment. So let’s take a look at the various benefits of buying a life insurance plan: 

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Death Benefits

Life insurance helps individuals to secure themselves and their loved ones, in case of any unforeseen happening with the policyholder’s life. The insurance company pays an amount equivalent to the sum assured amount as mentioned in the agreement along with applicable bonuses.

Creation of wealth through Investment Components

Few life insurance plans offer wealth creation benefits in which you can invest your premium amounts in different funds on the basis of your risk appetite. These plans are good wealth builders in the long run.

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Financial Support

One of the primary importance of a life insurance plan is that it offers your family members financial security for a long time. These plans provide a lump sum amount to financially support your family members in case of an unforeseen death.

Option of Loan

An affordable facility of loan is considered one of the essential benefits of life insurance plans. You can utilize your life insurance plan with the investment share for a loan also. Life insurance policies like whole life insurance plans, money-back plans, and guaranteed savings plans attain a cash value over a time

Life Stage Planning

Life insurance is important as you move through your life stages. Different life stages are buying a home, birth of a child, marriage, retirement etc. Life insurance plans can be helpful to prepare you for these life stages. For example, Child plan for marriage and higher education of a child, term insurance plans for protection, and pension plans for retirement.

Assured Benefit of Income

It is another benefit of life insurance plans that offers an option of regular income payout for your family members after your early death. In the same way, pension plans can provide a long-time guaranteed income to you and your partner.

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What are the factors to consider before buying a Life Insurance Plan?

As discussed, Yes, it is worth buying a life insurance plan but the following are the factors that you should consider before buying a life insurance plan:

  1. Sum Assured

    One of the important things to check is the amount that you will be covered through your life insurance plan. Sum assured is chosen before the commencement of the plan. Determine all the future requirements and expenses of your family before finalizing an amount.

  2. Policy Term

    Policy tenure is the time for which your plan will be in force. Life insurance plans come with different terms and they can range from 10 years to 100 years of age. The longer the tenure of the policy, the lower will be the premium amount.

  3. Flexibility

    The life insurance plan should be flexible i.e., offering multiple payment options and the flexibility to choose the mode and payment tenure. The more flexibility in a policy, it is more feasible to customize plans that suit you the best.

  4. Claim Settlement Ratio

    Always consider the claim settlement ratio of the insurance company. CSR is the % of claims that an insurance company settles annually out of the total claims. This ratio indicates the reliability and credibility of an insurance company.

  5. Policy’s T&Cs

    Always ensure to read the T&Cs of the plan carefully.

Wrapping Up!

You can invest in a life insurance policy right from the time you reach 18 years. This plan can also help fulfill your specific needs and provides protection coverage based on the life stage you are at. Life insurance plans are suitable for young individuals, married couples, married investors with children, and retirees. So, invest in a life insurance policy at an early age to enjoy all the benefits that come along with this smart plan.

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