You spend your life loving your family. But have you ever considered how they will go through this life in your absence? Owing to the unpredictability of life, it is imperative to secure the life of your loved ones. You can do it withlife insurance.
What is life insurance?
A life insurance policy is meant to protect the breadwinner’s family so that the family can live comfortably in the absence of the breadwinner. The family gets a lump sum amount of money to secure their future.
A life insurance policy provides financial security and stability to the family of the breadwinner. Some policies also provide periodic payments (part of the insured amount) to the family even in the breadwinner’s presence by offering returns for the invested corpus or by reducing taxes. Hence, it would not be wrong to say that life insurance is an investment that protects the entire family.
Why should you invest in life insurance?
There are several reasons you should invest in life insurance. Here are some-
- Risk cover
The biggest benefit of life insurance is that it protects your families against risk. As life is uncertain, life insurance assures that your family leads a good quality of life forever.
- Encourages you to save
When you invest in life insurance, you are bound to pay a fixed amount at a fixed time. With this, you develop a habit of saving money.
- Meet your financial goals
Life insurance does more than protect your family after an untimely death. It helps you meet your life’s financial goals, including the education of your child, building a home, or planning their marriage.
- Tax benefits
With a life insurancepolicy, you get tax benefits. You can offset the premiums in the taxable income. According to financial advisors, it takes off the burden of tax from your shoulders.
The bottom line
The uncertainty of life can take its toll on the life of your loved ones. Protect them against any untimely event or emergency by investing in life insurance.
Now that you know the benefits of having life insurance invest in a policy that suits your needs.
About the Author:
Mr. Muhammad WaqarAsghar, Founder & CEO of Mawazna.com started re-imagining the offering of insurance products through a comprehensive digital channel in Pakistan. The insurance industry was mostly a brick & mortar business at that time being sold offline mainly through the insurance agents.The team along with its Founder imagined a platform where consumers could find, search fully transparent and impartial insurance product information, and having an end-to-end digital avenue to conduct research and compare insurance products online so they can find the best products and price matching with their needs and then buy online.