Reasons Why Life Insurance Isn't Just For Old People

Contrary to the general opinion, Life Insurance is not just for old people. Life can throw curveballs anytime. It’s best to be prepared for such situations at any age. Below are a few reasons why Life Insurance is for everybody old or young

You are healthy and young -

The best time to buy Life insurance is when you are young and healthy as the premiums are calculated according to your age and medical history. The younger and healthier you are, the higher your rating and the higher your rating, the lower the price.

You want to boost your retirement fund -

Life insurance is the yin to retirement accounts yang. There are two kinds of life insurance: those that expire (term), and those that generate cash value (permanent). If you structure a permanent life insurance policy properly, you can actually use the cash value during your life to help fund your retirement, and even better, the benefits can be tax-free to you.

You got Married -

Maybe one of you is not working or perhaps there’s an income gap. In case something happens to the higher earning partner, it’s important to have a cushion for the other partner to fall back on to cover their expenses and lifestyle.

You have a baby -

Children, however adorable; do bring a lot of expenses with them. Their clothes, vaccinations, food and eventually school and college amounts to a high expense. Tax-free life insurance benefits can become an important life preserver and ensure your child's well-being.

You are open for business -

You may be brimming with ideas and want to invest in that idea and give it a form. If you have a business partner, then taking a Life insurance is your next step.  Business owners usually opt for life insurance on each other in what is a called a "buy-sell agreement." This agreement drafted by an attorney states who gets what when something happens. The most common form of currency to "fund" a buy-sell agreement is Life insurance. If something happens to one partner, their family is taken care of well.

HDFC Life offers a wide range of insurance policies to help you plan your financial future. Choose the best for yourself policy as per the above points and secure your Family’s financial future.

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