Should You Buy Life Insurance This Year?


The year 2015 has already begun and we are pretty sure that you may have made a few resolutions. Moreover, you may have even started working on these resolutions in full swing. Making New Year resolutions is a part of many people’s lives, especially for the purpose of welcoming the New Year.

life-insurance

Such resolutions can start from losing weight, going for jogging, purchasing a new car, etc. There are thousands of wishes and necessities which people put forth as New Year resolution. While most of them are meant to make your life better, a few of them may be reserved for protection of life. One such resolution that will offer such protection is life insurance.

What is Life Insurance?

Life Insurance is a noble financial instrument that offers substantial financial reimbursement to the nominees of the insured. For a small amount of premium, you can easily avail extensive life cover. No other financial product offers such extensive benefit. Thus, it is said to be noble.

Why should you buy a Life Insurance plan?

There are several life insurance companies in the market that sell an assorted range of products. These products cater to the various demands of people. Based on the demands and protection offered, these products are classified as:

  1. Term Insurance Plan:
    This plan offers extensive financial reimbursement to the nominees of the insured person after any unfortunate event that causes death.
  2. Whole Life Plan:
    Whole Life Plan offers the combined benefit of death cover as well as savings advantage. The savings advantage is known to last for the entire life time of the sum insured.
  3. Family Income Benefit:
    This offer cover for the entire family. It is actually analogous to a monthly income plan as it provides periodic pay-outs to the insured individuals.
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