Know More About Life Insurance

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Know More About Life Insurance
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• Life insurance in India made its debut well over
  100 years ago, it is an important financial tool
  that could benefit you at different stages. In
  our country, which is one of the most populated
  in the world, the prominence of insurance is not
  as widely understood, as it ought to be. What
  follows is an attempt to acquaint readers with
  some of the basic concepts.

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• It is a contract with an insurance company. In
  exchange for premiums (payments), the insurance
  company provides a lump-sum payment, known as a
  death benefit, to beneficiaries in the event of
  the insured person's death.
• Typically, life insurance is chosen based on the
  needs and goals of the owner. Term assurance
  generally provides protection for a set period of
  time, while permanent insurance, such as whole
  and universal life, provides lifetime coverage

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• Life insurance can be an important asset to have,
  no matter what is your age. If you have a family
  of your own, insurance can help your family
  survive financially, if they didn't have your
  income to support them any longer. And for
  retirees, it can benefit surviving family
  members, can be used to support any funeral
  expenses, or, for some kinds of life insurance,
  can be used to fund activities like college
  tuition or a down payment on a house.

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• No matter where you are in life, you probably can
  find positives to having life insurance. And you
  can discuss your situation with an advisor to
  figure out what is the best plan for your. Here
  are some strong advantages of having a types of
  life insurance
• Death in the family can leave members insecure
  emotionally and financially with an uncertain
  future. But being insured can smooth over the
  transition and provide your family with financial
  assistance as they adjust - potentially to a new
  income level, especially if you are the primary
  supporter of the family.

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• If you and your spouse are planning to support
  your children's college education in the future,
  insurance can allow your spouse to still achieve
  this goal if something were to happen to you.
  Funeral expenses can set any family back, no
  matter if you are young and single or retired and
  married. Costs for services can fluctuate greatly
  depending on if you're cremated, buried, have a
  full funeral service or just a gravesite
  gathering. As you grow older and accumulate more
  property or expand your estate, you might want to
  investigate the taxes your heirs would be
  assessed upon your death. It would be an
  advantage for your heirs if you were insured, to
  cover those inheritance taxes so they wouldn't
  have to come up with the money themselves, or
  sell some of the estate.

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