If your loved ones depend on your financial support for their livelihood, then life insurance is a must, because it replaces your income when you pass away. This is especially important for parents of young children or adults who would find it difficult to sustain their standard of living if they no longer had access to the income provide by their partner. You will also need to provide enough money to cover the costs of hiring someone to cover the day-to-day household tasks, like cleaning, laundry, cooking, childcare and everything else a growing family needs.
Life insurance is an expression of love and caring.
Because you care about your family, you want to ensure the financial security of family members if you’re suddenly not around to provide it. You see life insurance as a tool that protects your spouse and children from the potentially devastating financial losses that can result if you die prematurely.
Should anything happen to you, the proceeds will help you keep the promises you have made to the people who are important to you. By protecting their financial future, you’re enabling your loved ones to maintain their lifestyle, if something unexpected should happen to you.
(Image: Business Standard)
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