People buy insurance to protect oneself from a loss. Life, Health, Auto, Home insurance all protect you or your family from a big financial loss.
You want to save for a future expense, so you can buy a car or a home. For events far enough in the the future you would actually want to invest, that is why so many people use more than a bank savings account to have enough money to pay for their kids’ college.
You want to invest for retirement. That involves buying stocks, bonds, or other investments to be used decades from now. They may even be needed to pay for expenses for decades beyond retirement.
Why do you want to combine them into one investment fund?
You said the insurance policy you want to buy is an investment tool plus a retirement plan. Each of those three things have different goals, rules, and tax implications.
Price. Term insurance is the cheapest form of life insurance we can buy.
Life today is full of uncertainties; in this scenario Life Insurance ensures that your loved ones continue to enjoy a good quality of life against any unforeseen event.
Insurance plans provide attractive tax-benefits for both at the time of entry and exit under most of the plans.
Planning for life stage needs:
Life Insurance not only provides for financial support in the event of untimely death but also acts as a long term investment. You can meet your goals, be it your children’s education, their marriage, building your dream home or planning a relaxed retired life, according to your life stage and risk appetite. Traditional life insurance policies i.e. traditional endowment plans, offer in-built guarantees and defined maturity benefits through variety of product options such as Money Back, Guaranteed Cash Values, Guaranteed Maturity Values.
Affordability and Value:
Affordability and Value With term, we can purchase the amount insurance that we need without paying more than we can afford. This is especially true when we are young and need a great deal of insurance to protect our family.
Covering Short Term Needs:
Term life insurance is a perfect solution for covering temporary obligations. Many people purchase mortgage life insurance which is essentially term life insurance that pays off our home in the event of our death.
Easy to understand:
Term insurance is simple. With term, you are buying pure death protection without equity. It’s cheap and doesn’t have a lot of complicated variables.
Most term policies offer conversion options allowing us to exchange our term life policy for a more permanent policy without proof of health. This option can be invaluable if we develop a health problem or can no longer medically qualify for life insurance.
With term, you can separate your life insurance from your investments. This “Buy Term and Invest the Difference Philosophy” has become increasingly more popular in the last 20 years
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