Life Insurance has several key benefits discussed as follows;
The core benefit of life insurance is that the financial interests of one’s family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer.
Goal based savings
All of us have goals in life for which we need to save. For example a newly married couple, it could be buying a house. Once, they decide to start a family, the goal changes to planning for the education or marriage of their children. As one grows older, planning for one’s retirement will begin to take precedence.
Provides income while your family is adjusting
When an income provider dies, there is a significant impact on the finances of the surviving family. However, the death benefits of a life insurance policy can prevent this from happening or at least keep the impact to a minimum by replacing income lost with the demise of the breadwinner. That is why it is good the insured is protected to ensure that the surviving family will have financial support during the period they need to reconcile with their grief, get back on their feet, find other sources of family income, and adjust to their new income level.
It funds specific financial goals
In addition to providing survivors with income, proceeds from a life insurance policy can also provide funds to achieve specific goals that the insured may have planned for his family. These could include accumulating funds for college education of the children, the purchase of a home, or capital for a business.
It covers medical and funeral expenses
It is very likely that the insured will incur huge medical expenses prior to death. A protracted illness can easily run up to several hundred thousands or more than a million. Adequate life insurance proceeds ensure that these final expenses are well taken cared of.
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