The Consequences of Being an Insurance Sceptic
PNB MetLife India 16-08-2016 11:21:51 AM
Longing for financial security includes the need to ensure that those who depend on us are always taken care of. While most of us use life insurance for security, there are some who still question the importance of insuranceRead More
Hence, if you are a sceptic, here is a list of advantages to help you understand that no insurance just means lost opportunities for you.
Advantages You Would Miss
Protection Throughout – By its very nature, life insurance protects when misfortune strikes. It’s a benefit that makes sure your dependents can lead an economically decent life. Not having insurance will devoid your loved ones of the financial support that they may have had in your absence.
Tax Benefits – Unlike other financial instruments, life insurance enjoys tax benefits. Furthermore, it allows you to offset the premiums you pay in your taxable income. Insurance sceptics would surely be missing out on an investment tool with tax benefits.
Secured Sector for Investment – The government regulates this sector heavily, ensuring that insurance companies have enough assets. This regulation makes sure that insurance companies don’t fail like banks or crash like stock markets. This benefit is not available in the investment market. Investing elsewhere does not provide you with the cushion and peace of mind that your money is safe.
While there are many types of life insurance, term insurance with its simplicity and affordability is the least expensive way to purchase a substantial death benefit for a specified period of time.
Considering these benefits one can understand that the absence of insurance may lead to high unforeseen costs, no peace of mind, and a lost opportunity for investing!