Staying financially fit and stable with Insurance
What is one thing about life that never changes? Change! If a person feels at any point in life everything is going perfect and life can never be smoother than this; it will surprise or shock you. But the real question arises are we ready to deal with sudden shocks? Do we have a contingency plan? Being financially fit and stable is not just about having a seven-figure salary, palatial house, and a luxury car but it also includes what if the bread earner of the family is no more? Insurance ensures financial fitness and stability even when the support or backbone of the family is no more. So let’s explore today what is life insurance and benefits and tips for buying it the first time:
Life insurance is a lifetime cover for the one insured and even after him. Death is an unfortunate event that cannot be reversed and especially when it is the bread earner of the family. The whole family gets affected as the sole earner on who family was dependent is no more. So, how to handle expenses after the deceased? How to pay for the education of the children or repay the mortgage after the deceased? Well, this is where Life insurance comes in the picture; it is an insurance policy that covers the life and beyond with a small amount of annual premium paid over a long period of 20-25 years. It can be redeemed in two ways:
- At the time of maturity: When the policy gets matured the lump sum amount will be paid to the person after his/her signatures and the family can use the amount on anything whether the marriage of the child, building a new house or day to day expenses. Also, as the amount is paid after the retirement it works as a pension for the insured and he can enjoy his old age without worrying about expenses.
- At the time of the death of the insured: In case the person who was insured died before the maturity of the policy then the policy will be over and the family will receive the compensation. The amount received by the family will be equal to the amount invested in form of premium or the amount accrued over the years. The amount will be given on providing death certificate of the insured and the company will ensure death was natural, not due to terminal illness which was not covered.
Having a life insurance policy is like carrying an umbrella on a sunny day just in case it rains it won’t ruin your dress. It is not mandatory to have one but it is always advisable and beneficial. So if you do not have one then contact stay sure for guaranteed approvals o insurance policy and get yourself insured. Apart from the life they also have many other policies for other events that will help to mitigate the risk to the minimum and help you become financially fit and stable for life and beyond.