Top 3 reasons to purchase life insurance
When was the last time someone asked you purchase a life insurance
policy? When was the last time you received an irritating phone call
promoting life insurance? The truth is, while we all have heard of and
probably even considered buying life insurance, most of us still look
at life insurance as a cover lest the unthinkable happens. However,
there are several good reasons to buy life insurance. Here are top 3
reasons why you should “invest” in a life insurance policy.
Reason 1: Estate Planning
Estate planning is one of the major benefits of a life insurance
policy. With a life insurance policy, the heirs can have time to
decide on their next course of action regarding property, since the
life insurance can be utilised to pay for estate taxes. Proceeds from
life insurance can go to survivors, incase of premature death of the
insurance policy holder. Additionally, life insurance can also be
purchased to supplement the amount available to survivors after death.
Reason 2: Business Continuation Insurance
Life insurance can be really beneficial for businesses, especially
partnership firms. In such firms a life insurance policy can be taken
out for each of the business partners, so as to cover the business in
the event of death.
Reason 3: Retirement Planning
Life insurance can also help plan life after retirement. For all those
who will be retiring with a spouse, a life insurance policy can help
maximise your pension, without putting your actual pension at risk.
This concept is known as pension maximisation. With life insurance,
you can ensure that you and/or your spouse will be assured of a
regular monthly income from the insurance provider.
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