We like to live a life of comfort and security. Insurance can prove to be a most sought after tool for providing both. Comfort can be bought by acquiring various materialistic commodities; however having a security throughout your life does require certain investment and planning. Tension, apprehensions, monetary requirement are some of the examples of our day-to-day dealings. Insurance for our future helps us in getting rid of most of our worries. Here we would assess the needs and benefits of Insurance.
We are surrounded by all sorts of comfort, but this does not lessens the chance of any mishaps in our lives. The chances of a fatality or accident occurring in our life cannot be completely ruled out. Insurance provides us monetary support for any such undue happening.
Insurance acts as a direct tool for securing social security. In case of the sudden demise of the bread winner of the family, the other members are forced to face the consequences of financial loss. The family’s economic condition deteriorates, till the time other arrangements and aids are made available to rescue the family. In absence of which the family is pushed lower in its social strata, becoming more of a social liability
Risks are always uncertain and unpredictable. Often such unforeseen future risks leaves us void of our mental peace and finances. It’s always better to counter them with beforehand preparedness. Obtaining Insurance for any of our precious belonging, may not necessarily mean that the asset is viable lifelong, but it surely gives us the assurance of the value being compensated.
Savings and Investments
In our quest to make best of our present, most of us ignore the future. Insurance in a way acts as a perfect saving tool. Premium paid by us to the Insurance Company gets credited as our savings for future, which otherwise most of us ignore. People with limited income particularly find it tough to save money on monthly basis. Insurance policy proves to be a perfect investment for these middle class families.
Benefits of Insurance
There are uncountable benefits of Insurance. Some of them are being enumerated below:
Protection at Low Cost
The most important benefit of acquiring Insurance is that it provides us with future protection in case of any loss. Insurance acts as a cushion against unforeseen accidents or odds. Most importantly all this is available to us at minimal affordable cost.
Getting Insurance policy also secures us from the heavy expenses occurred for children’s marriage or education. On the other hand a Life Insurance Policy secures us monetarily in case of sudden death of the bread winner of the family.
Apart from above benefits, Insurance provides us with tax benefits as well. Getting Insurance policies makes the policyholder eligible for certain tax benefits on his income. The added income is thus enjoyed by us in making our lives more comfortable.
Above discussed are some of the needs and benefits of Insurance. In the quest of our daily lives we often tend to ignore the importance of secure and firm future. Insurance however gives us the viable parameters to make our tomorrow more contented and protected.