6 Interesting Facts About Life Insurance That Will Convince You To Buy One
- Guaranteed protection.
You can buy life insurance online, and it gives you long-lasting peace of mind in terms of the assurance of your future. The right kind of coverage offers a plethora of benefits. However, you must make a long-term commitment to pay all the premiums. If you own a business or have a family that is financially dependent on you, life insurance acts as a financial safety net for you and your family. In case you met with any unfortunate incident , your beneficiaries will be entitled to a lump-sum payment guaranteed to be paid in full.
- Life insurance is tax-free
If one owns a life insurance policy and, under any circumstance, they happen to pass away while the insurance coverage is in effect, their beneficiaries will receive an entire lump sum benefit. A life insurance payout is not considered for tax purposes in a country like India.
- One is entitled to coverage of terminal illness.
There are several life insurance companies that offer endorsements. These endorsements are known as riders. They can also add to the life insurance policy you own to enhance or adjust its coverage. There are some policies in which if you happen to be diagnosed with any kind of terminal illness and you are expected to live less than twelve months, you are entitled to use up your death benefit while you are still alive to pay for your expenses. Thus, many people prefer to buy life insurance online.
- The policies supplement your retirement savings.
If any person happens to purchase a variable life insurance policy, it can accumulate the cash value and also provide death benefits. The cash value builds up over a certain period, which can later be used to cover expenses. These include a down payment on your home or a car payment etc.
- It costs less than you think.
Many people are under the assumption that life insurance costs more. However, it costs way less than one thinks. The premiums can cost much less if you choose your life insurance wisely. Seeking the right life insurance while you are still healthy helps you secure lower rates. You should know your options well while selecting the right life insurance.
- Retirement planning options.
Many life insurance companies offer retirement options to their policyholders, and these options include retirement plans and annuity plans. Both of these plans include the investment option as well as life insurance policy coverage. However, one should know that retirement plans require periodic payments, such as monthly, quarterly, or annually, depending on the policyholder. Thus, one can buy life insurance online according to their requirements.