Importance of Life Insurance | Shriram Wealth Architecture


Life insurance is an important financial protection for children. It is a way of ensuring that the child will be taken care of in case the parents die prematurely. This type of life insurance has many benefits, but it is important to understand how it works before you decide if this is the right coverage for your child. Life insurance for children offers benefits such as:

 

Importance of Life Insurance

  1. Provides funds to pay for education expenses, funeral expenses, and other debts.
  2. Gives peace of mind and emotional support to surviving family members.
  3. Offers a sense of security and stability in case of illness or disability.
  4. Allows parents to plan and make arrangements that are appropriate for the child.

Importance of Life Insurance

Advantage of Life Insurance

Death Benefits

Life insurance enables individuals to protect themselves and their families, in case of any unfortunate happening in the life of the insurer. The insurer pays an amount equivalent to the sum assured as specified in the contract along with applicable bonuses. This is known as the death benefit.

Wealth Creation

A few life insurance policies offer wealth creation benefits as well. In such life insurance plans, you can invest your premiums in different funds based on your risk appetite. These life insurance plans are excellent wealth builders in the long run.

Financial Security

The primary importance of a life insurance policy is that it provides your family with long-term financial security. Life insurance policies provide a lump sum money to financially support your family in the case of your early demise. Plans like iSelect Start term can look after the family’s regular expenses, future goals and any ongoing debts after your death.


Conclusion

Life insurance plans are an absolute necessity today. By understanding the importance and advantages of a life insurance policy, you can make an informed decision.


Visit Website: Shriram Wealth Architecture

Blog: Family Health Insurance

Location: India

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