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Why You Need Life Insurance A policy that pays out a sum of money either on the death of a person or the end of the set period is referred to as life insurance. In life insurance, the insurer agrees to pay a particular amount of money at the end of the month for agreed period of time. Here are some of the advantages of life insurance policy. We have life cover as the first benefit of life insurance. 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. You can appoint a nominee at the time of purchase of the cover to take the money 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. It is necessary that you buy a life cover that is enough to serve your children effectively. It will be a very great idea if you purchase a life cover that is ten times your earning. 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. Besides, you will get double benefits of protection as well as savings.
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Apart from that we also have life stage specific planning. This is because most of this insurance firms offer a product tailor made at specific life stages. With this, you will be able to plan various goals at specific life stages with your family members. 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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With life insurance you will be free from paying some taxes. Most insurance firms are covered by the constitution to the sense that you will not be taxed when saving with them. Like you are not going to be taxed from your premiums which you are going to pay every month. And as your money grows you are also going to be entitled to earning benefits. Another free service is when you are ending your service when your money has already matured.