Life insurance has lot of benefits and provide security to your financial life that is why most people are seeking to get life insurance in this year.
Statistically, According to LIMRA ( Life insurance marketing and research association) stated that,the percentage number of people reported having Life insurance has statistically increased from 50 percentage (%) to 52 percentage (%).
Life insurance is a great way to secure yourself ,you don’t have to be afraid when you fall into sickness or disease because life insurance company covers your hospital bills and other expenses .In addition to that your family is secured and safe when you are alive or not, anyone with life insurance has actually bought the future not just for himself but for his or her loved ones , you have made life easy when you are alive and even after your demise, you have made life hopeful for your children and your spouse because when you’re no longer there to foot in the bills and pay for their expenses I literally mean after your demise,life Insurance will reward your family with a lump sum of death benefit that covers your funeral expenses and other life matters.
The Benefits of Life Insurance
With the short insight provided In the a above paragraph on what Life insurance is all about, I hope you did find it interesting to read in depth on the benefits of life insurance there’s more to the 6 points listed below but trust me these benefits are the most important and if you’re to use scale of preferences in this. Context ,all these five(5) points will come first, They are:
1.Life Insurance covers all your funeral expenses after your demise:
Its statistically proven by the global funeral market that the average traditional funeral service and burial costs is within the range of $7,000-$10,000, while cremation costs from $1,000-$3,000. To read the updated in depth information on this statistic check out Gitnux for more details.
It is so disheartening to lose our loved ones I have asked myself couple of times why do we have to spend even when I had lost someone so close to to my heart and dear to me but I guess we met the custom and tradition on earth, even in our mourning we are still spending to mourn on someone we would never see again in this part of the world but I have good news for you Getting Life insurance will be a great relief at that time because Life insurance company will cater for the funeral expenses and also they will give out a lump sum of death benefit to the children or the heirs of the deceased and if you don’t have children it will be given to your spouse or any one close to you even jf you don’t have a family which is impossible.
2.Life Insurance offers you Retirement Planning benefits:
Time is a gift of nature and it fliers without anyone holding it down the More it fliers the more our age fliers up and our strength youthful strength fliers away.A time will come you need rest and take a break from working that long resting period is called Retirement period.
Government workers and officials are entitled to pensions when they retire i.e even if you stop working you will still be getting paid but those that works in private organizations what would they do? And this is why you need Life Insurance because Life insurance provides an answer to that question when you get yourself quoted with a trusted Life Insurance company you get an access to their Retirement planning. Life Insurance Retirement Planning also provide an access to pension just like the government officials and workers even though you work in a private sector that doesn’t promise the future I tell you dear reader that Life Insurance does .With the Life Insurance Retirement Plan you will be able to survive the economy and not get bitten by the Inflation.
3.Life Insurance Covers your Medical bills when you’re ill or sick:
In most cases it happens that you need a rider to add to your Life Insurance policy if it doesn’t cover up some areas that you need coverage.A rider is optional but it has a greater benefit and advantage than the basic benefits and it comes with an additional payment and that is why it is optional.
A rider give you access to part of your death benefit or all of your death benefit while you’re still alive it depends on the Life Insurance company policies and with this access you can be able to take care of your hospital bills ,pay for medications and other medical expenses.
4.Life Insurance payout early and at no Tax fees:
Life Insurance payout your death benefit to your beneficiary without deducting tax fees from the money. Unlike the way it happens in bank that every income and every cash out get a tax levy, Life Insurance death benefit pay the full payment but if the receiver choose instalmental payment that’s when a fee is attached.
if your life insurance policy provides terminal benefits,you will get early payment and this happens if you’re diagnosed not to live more than a year anymore.
5.Life Insurance provides Financial Security:
- Life insurance provides Financial Security by clearing your Debts,
- Gives peace of mind
- provide education and future plans for your children e.t.c
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