Why life insurance should be called ‘Love insurance’

The ultimate measure of the love you have for your family lies not in spending a lot of money on them, but in securing them from harm forever.

What have you done to prove your love for your family?

• Taken them on a foreign vacation every year
• Purchased a big house recently
• Bought expensive gadgets, jewellery, clothes
• All of the above

Most people would like to select Option 4, but have succeeded in at least one of the others. What if we told you that the most important option is not even included in the list?

We’re referring to a wonderful instrument known as the ‘life insurance policy’. It is a way of safeguarding your and your family’s financial future against every kind of setback, including your absence from their lives. At maturity, it provides a large fund of money that can take care of a variety of expenses, right from paying for a second home, funding your children’s education and wedding and even settling your parents in a nest egg of their own.

So why should you buy a life insurance plan?

1. Because you care for your family. Your family comprises you, your spouse, children and dependent parents. All of them are equally important to you, and their collective future is in your hands. Just imagine a future when you are absent from their lives. Will they be able to sustain their lives as they do now? Can the household expenses go on as before? If not, you need life insurance to take care of them when you are absent.
2. Because you may have borrowings. A lot of people need to borrow loans at some point in their lives. The loan may be personal (to buy a home, to pay for children’s education, etc.) or professional in nature (to buy office space, to open a new office in another city, etc.) At the moment, the loans are repaid through monthly EMIs. But what happens in the future when your income stops and the loans are still unpaid? How will your loved ones deal with creditors who come asking for their money? A life insurance plan provides the corpus to repay these debts.
3. Because you are committed to your family’s dreams. Your family has every right to dream big. Your children may plan to settle in a foreign location, your spouse may want to travel all over the country and your parents may want to have a separate retirement abode of their own. Making these dreams come true is your responsibility. You can do so only with adequate planning for the future. Your life insurance plan can pay for all these dreams and make your family the happiest one in the world!