6 Reasons Why You Need to Get Insurance Even If Sharma Ji's Son Didn't

While being young, people often think why you should get life insurance or why people get life insurance? You are young, healthy, fit and you are earning well too! What is the need for insurance, then? Have you thought about what will you do in case of a financial emergency, especially when you are the sole breadwinner of your family, or what about when you retire? You and your family might have some long-term goals such as your child's education, child’s marriage, buying a car, etc.!

The coronavirus pandemic on a global level has made people realise how things can be unpredictable and create havoc and more importantly, made them learn to protect themselves and their loved ones. Furthermore, with life being at stake, people have now realised the importance and need of insurance.

We often compare ourselves with Sharma Ji's son when we talk about achievements. So, let us beat Sharma Ji's son by investing in a life insurance policy today!

Top Reasons to Get Life Insurance

Let us see what is the need for insurance and the reasons to get a life insurance as soon as possible :

1. Financial Back-up for You and Your Family

Have you asked Sharma Ji's son what he will do in case of a financial emergency? He probably will ask you what the need of insurance is. You can explain to him that investing in a life insurance policy will foster a financial back-up for himself and his family in case of an unforeseen accident, medical expenditure, or the unfortunate demise of the insured.

2. Plan your Retirement with no Worries

You must be thinking about what the need of insurance is when it comes to retirement? Well, a retirement policy helps you financially in your retirement life by providing you a regular income after you retire in the form of a pension.

3. Achieve Your Long-Term Goals

Goals vary from person to person. For example, some people have the goal of buying a house or a car, while some have goals of their child's education and marriage, paying off debts, starting a business, etc. Buying a savings plan can help you achieve those goals while having a life coverage.

4. Tax Benefits

The premiums paid by the policyholder are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. This further proves the need of insurance in today’s world. However, tax laws are subject to change from time to time.

5. Inculcate a Habit of Saving with Life Insurance

While there are various reasons to back the need of insurance, one of the most important one is that it also helps you develop a habit of saving your hard-earned money from an early age.

6. Premiums are Cheaper When Bought at a Young Age

Another advantage is that the premiums paid by the insurer are cheaper and much more affordable when bought at a young age than when you buy it at a later stage.

7. Financially Securing your Family in Your Absence

You don't know when an accident might knock on your door. That is a sufficient reason for explaining the need of insurance. In addition, having invested in life insurance will financially protect your family in your absence.

What Next?

There are various reasons that emphasizes the need of insurance in today's time, seeing the current inflation and expenses. Therefore, it is imperative to invest in a life insurance policy for the financial security of you and your family. As much as investing in life insurance is essential, what insurance providing company you go for is also crucial.