You may be earning well now, but unexpected emergencies may arise in the future In this case, if you are the only one who supports the family financially, then it can become the worst phase for your loved-ones after your unexpected death.
Dealing with Debt
Buying the life insurance policy to help your family deal with debts like personal, education, home loan, or a loan on credit cards. So, that in your absence or during difficult times your family does not have to deal with these liabilities.
Helps Achieve Long-Term Goals
Life insurance is the best policy for achieving long-term goals such as buying a home or a car, planning your retirement, or planning your child’s education and wedding.
Tax deductions
Under the Income Tax laws section 80C you can save tax on upto 1.5 lakhs of your income by investing in Life Insurance policies. So Life Insurance offers the 3 benefits of securing your family in your absence, providing growth to your investment and also saving taxes.
Critical Illness Cover
Some life insurance policies include a critical health insurance cover as well which can help you to financially fight against life threatening diseases like cancer, kidney failure etc.
If you have Extreme Hobbies
If you have extreme hobbies like scuba diving, rock climbing, bungee jumping or equally thrilling, then you need to buy life insurance. Insurance companies charge extra premium to cover these extreme activities.