Advantages of Having Life Insurance A cover that will pay you either on the death of a person or the end of the set period is called life insurance policy. Where you will agree to pay a specific amount of money at the end of the month for a set period of time. Here are some of the advantages of life insurance policy. The first benefit of life insurance is the life cover. It is considered as the major advantage of life insurance policy. This is the amount of money that your insurance company pays to you or your nominee on your absence. You find that even if you will not be there at the maturity of your money the insurance firm will ensure that your children are well taken care of. A nominee is a person that you point at the time of purchase to receive your insurance benefits in your absence. You children will be assured of their well-being since the nominee will take charge of your benefits in case of any unfortunate thing. You are advised that you buy a life cover that will cater for all the needs of your beneficiaries. You are advised to buy a life insurance that is even ten times your income. Life insurance is also a long term saving. This is because it is a systematic way of saving money since you pay for it on monthly basis. This policy is beneficial because by the time you will be retiring you will have enough benefits for your plans. Apart from that you would have achieved your goal of saving money maybe for your son’s wedding or starting a business. To add on that you will also get double benefits protection as well as savings.
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Another benefit is the specific life stage planning. This is because most of this insurance firms offer a product tailor made at specific life stages. As a result, you and your family will be able to plan various goals at different life stages. For example, you can plan to buy a car, a house, a land, and educating your child, planning your wedding as well as saving money for your retirement.
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We also have a tax advantage as a benefit of life insurance. There is a provision that you can be exempted from paying tax if you are saving your money with this insurance firms. For instance, you are not going to be taxed from your premiums which you are going to pay every month. You also find that as your money grows you are also going to be entitled to earning benefits. Apart from that when you are ending your service you will also not be charged.