No one wants to think about what happens after they die, but death is inevitable and it’s smart to plan ahead. You do the best you can to provide for your family, you work hard and make the best investment choices you can. But what happens when you are no longer around? How will your family manage when you aren’t there to earn the money and make the decisions? Well the good news is that you can plan for this now and make sure that our family will be taken care of in your absence. You can purchase life insurance.
Smart investors choose to purchase insurance policies in order to protect the family in their absence. An insurance policy is designed to look after your family, but there are a few other benefits. Debt is something you don’t want your family to have to deal with after you’re gone. The right insurance policy will take care of any outstanding loans.
Contrary to what you may think, insurance isn’t just for the rich. Insurance policies come in a variety of forms. You can choose a plan that is based on your financial condition and the needs of your family. But there are even more advantages to buying a family protection plan.
There are tax benefits because the premium paid by the policy holder is tax exempt. Under Section 80C of the Income Tax Act your contributions to your life insurance are exempt which is why many taxpayers choose to invest in insurance plans.
You don’t have to die to receive benefits from a protection plan. A family protection plan is not restricted to the death of the policy holder only. It also covers disability which is called Accidental Total Permanent Disability.
Choosing a good family protection plan can be the wisest investment you’ve ever made. There is nothing that will put your mind at ease more than knowing your family will be taken care of financially after you’re gone.