Life insurance, also known as, Income Protection, is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person.
Life insurance is a source of providing a strong financial support for your family members even after you pass on. It is an integrated part of sound financial planning. The aim of different types of life insurance plans is not only to protect you and your family members financially but also help you achieve your important goals. In professional terms, life insurance is mutual agreement between the policy holder and the insurer. Here the insurer on some factors agrees to pay an expected sum of money to the owner after some unfortunate event or critical illnesses.
Why should you have life insurance?
2. Financial Planning
3. Tax Relief
4. To achieve important goals
Life insurance offers several advantages not available from any other financial instrument.
Some advantages of Life Insurance
Life insurance provides an infusion of cash for dealing with the adverse financial consequences of the insured’s death.
Life insurance enjoys favorable tax treatment unlike any other financial instrument.
Death benefits are generally income-tax-free to the beneficiary.
Death benefits may be estate-tax free if the policy is owned properly.
Policy loans are income tax free.
A life insurance policy may be exchanged for another life insurance policy (or for an annuity) without incurring current taxation
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