Life insurance policy help with the loss since life is really uncertain . Nobody knows when and where an accident would happen and life will be turned upside down in a way which will not only affect the person but also the family members will get affected by it .
There is no way to minimize the psychological pain coming along with any sorrowful happening.
If anything happens to a person who is the bread earner of the family, then in that emergency situation, there is no way to handle the expenses involved in the medical treatment of the person and with the severity of the accident rises the expenditure for the medical care.
How will the family of that person arrange that much money suddenly? Neither the friends nor relatives can come to aid so fast. Even if the person is not the earning member, then also it becomes really difficult to cope up with the hospital bills within the fixed monthly income.
Life insurance policy comes as a savior for the whole family in such a case. If a person has purchased a an insurance policy and has been paying the monthly premiums on time then in such a case of mishappening, all the expenses for the medical treatment in hospitals will be paid by the health insurance companies including all sorts of secondary expenses like legal expenses related to that accident and heavy costs incurred in performing the last rites in case of deceased.
A grief stricken family already has so much to bear so health insurance helps so much.
In case of business families where lots of dealings happen every day, the insurance money can prove to be very useful for family to pay the clients after person's death.
Also many people buy homes, vehicles etc through loans and one can imagine the heavy installments that go with it. After a person's untimely death, the family can pay the remaining loan too from the insurance money so that living costs reduce to minimum.
Life insurance policy help the family to survive the tragedy. The most important thing for any person is that the children should not suffer in any case. Their lives, their education expenses are foremost concern for the parents.
Life insurance helps to secure to future of your child too.
If you feel that paying installments for a life insurance policy is a waste of your income then there is a plus point too. Government provides nice tax rebates and other sorts of benefits to an earning person if he has purchased life insurance policy.
Also even if there has been no mishap in the life of insurance holder, then the money doesn't go down the drain.
Every insurance policy has a maturity period. It's like you purchase an insurance policy with a maturity period of 15 years then the insurance will safeguard you for those 15 years but if not used then after that period you will get the whole insurance amount that you have paid till date with additional huge interests also. So it's a win- win situation for a person in any case.
Therefore people even buy 3-4 insurance policies per person from savings point of view too.
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