Life Insurance is a financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household. Though human life cannot be valued, a monetary sum could be determined based on the loss of income in future years. Life Insurance products provide a definite amount of money in case the life insured dies during the term of the policy or becomes disabled on account of an accident.
Life Insurance is needed :
- To ensure that your immediate family has some financial support in the event of your demise
- To finance your children’s education and other needs
- To have a savings plan for the future so that you have a constant source of income after retirement
- To ensure that you have extra income when your earnings are reduced due to serious illness or accident
- To provide for other financial contingencies and life style requirements
How much Life Insurance is needed:
The amount of Life Insurance coverage you need will depend on many factors such as:
- How many dependants you have
- What kind of lifestyle you want to provide for your family
- How much you need for your children’s education
- What your investment needs are
- What your affordability is
You should seek the help of an insurance agent to understand your insurance needs and suggest the right type of cover and Mr. Milan Shah is the perfect person who not only assist you to decide your retirement and future planning but also helps you to achieve it by making perfect and complete financial solution.