Every
person has an economic value provider or producer has to be
properly insured against any shortfall that might result
from his or her death when some one else will be dependent
on that person's income for financial security.
Without
proper planning, a sudden financial emergency can force a
family to act in a manner that would be inconceivable or
unthinkable for most parents. They might have to halt
children's education and/or have to sell the house and/ or
the car and/ or fall deep into debt.
Life
insurance does not replace the intrinsic value of a person's
metaphysical self. Nothing and no one can. What it does
attempt to provide is solid and tangible security to weather
the storm that might befall the individual's family and
dependents after his demise. Life insurance offers much more
then just tax savings and investment returns. It provides
financial security against an unpredictable future. A
person's insurance needs change with his life stage. Life
Insurance understands it very well and have bought out plans
which suit these changing life stages:-
•
A
well-planned life insurance fund can clear the pending
debts of the insured after his or her imminent demise. At
times, this can mean the difference between retaining the
family house & heirlooms and losing it by default to
the creditors.
•
It can
also avoid the possibility of a distress sale whereby an
item might have to be sold at a much lower price owing to
the urgency of funds.
•
Insurance
can also pay for the cost of higher specialized education.
Education in certain specialized fields can cost a
staggering amount and owing to the intense competition in
the job market today, not many people have the liberty of
choice.
•
The
need of education is clear. Parents who want to provide
for their ward's education must carefully save money to
provide for their future. Scholarships are not easily
available either. Life insurance can easily provide for
expected educational costs even if the insured dies before
his children's education is complete.
•
At
times, after the death of the sole-earning member of a
household, the surviving spouse may need a secondary
qualification current to the prevailing employment market
situation. This additional education is critical since
only one parent has to bear the responsibility of the
entire family. A life insurance policy can provide the
funds required to stabilize the family situation until the
pending tension has eased off.
