Life Insurance – is Caring for Your Family Financially in Your Absence
July 19, 2022
As we age, build our families and pursue our personal and professional projects, we increasingly realize that life insurance is a fundamental part of our long-term financial planning.
Depending on the type of policy, taking the help of life Insurance Service Offices in Delhiand buying a policy can be very cost-effective, guaranteeing the insured and their family members the ideal coverage in the event of personal accidents, partial or total disability, or death of the insured.
If your family members, such as children and spousedepend on your financial support for their livelihood, life insurance is more than a necessity, because the coverage provides compensation in the event of the insured’s death.
How does life insurance protect your family?
You will see that some subjects that we are going to deal with seem difficult to deal with, as they make us think about things that no one likes to think about.
Questions like “What if you become disabled?” or “What if you die?” are never pleasant to hear. However, if you have dependents, such as children, stepchildren, and a spouse, then it is essential to address this issue because if any of these things occur, they will be directly affected and may experience great difficulties due to lack of income.
That is why it is important to have the courage to think about these matters, with awareness and maturity.
A few questions help you understand the importance of this insurance.
If you are going to die,
Will your family have the resources to survive the next few months?
Anyone who thinks that life Insurance is there to make the ex-wife or ex-husband rich is very wrong. The value of the life insurance indemnity is designed so that during the months after your death, your family will continue to have the same income that you provided until they restore themselves through other sources of income.
The idea is not to make them millionaires, but rather well structured, with good financial stability and without getting into trouble.
Will your family have the resources to pay for all paperworkand funeral?
Unfortunately, we live in a society where we have to pay something until we die. There are several costs such as documentation and other bureaucracy.
Not all families are financially prepared for these expenses, especially when death occurs unexpectedly in an accident or fulminant illness.
Life insurance service providers in Indiaguarantee that your family will have the resources to do all this for a small fraction of the indemnity.
Will the inheritance be released quickly? And the taxes?
Even families that have good inheritances can still get into trouble due to the blocking of assets in probate. Assets and financial assets all go into inventory. The release of the inventory can take a while depending on the circumstances, in addition to the inheritance still being discounted from some taxes.
Life insurance is not subject to taxation and also does not go into probate. The release of compensation for death must occur within 30 days after delivery of the documentation, which is why it is a quick and guaranteed income replacement for your family.
If you are interested in buying a life insurance policy, visit rkfs.org and consult experts in the field to make the right choice.