The Benefits of Life Insurance

Many people know the general benefit of getting life insurance: your family receives money if you die suddenly, you are also comforted by the knowledge that they will have money to help them get by without you. This is true for all types of life insurance but depending on the particular policy type and level of coverage you buy, there are more benefits.

Life insurance is a financial product that pays a lump sum to the insured person in the event of their death before the end of the term. It's an attractive product because it guarantees a lifetime income for your family if you die. That's why many people consider buying this type of insurance as part of their financial plans.

But do you need it? If so, how much money should you spend on it? What types are available and how are they different? This article will answer these questions to help you make an informed decision.

Benefits of Life Insurance

Life insurance is one of the most important financial products you can buy. It gives you peace of mind, allows you to make sure that your loved ones are taken care of, and gives you a way to pass on your wealth in case something happens to you. So, what are some of the benefits of life insurance? Let’s go over some of them:

• You know exactly how much coverage your family will have if something happens to you. Life insurance provides this security, which can give some people the peace of mind they need during difficult times in their lives.
• It helps pay off debts and bills if someone dies unexpectedly. This is especially important if someone is past retirement age, because they may have more debt than expected due to medical expenses or other reasons. Life insurance can help pay off these debts when they arise so that no one who depends on them has to struggle with them after a death occurs without warning or preparation for it happening at all!
• Life insurance is an amazing way to protect your loved ones even in your absence. It can be used to pay off debts, pay for funeral expenses, or even support you in the event of your death. It guarantees that your family will be taken care of even if you die unexpectedly—so there's no need to worry about who will take care of them after you're gone!

So, putting all this together, it's clear you really need life insurance as it offers a wide variety of benefits. But what types are available and how are they different?

Types of Life Insurance

Life insurance

This is the simplest and most affordable insurance available. For most people, life insurance works best. Your coverage starts as soon as you pay the premium. They provide your loved ones with a safety net in the event of your passing as well as wonderful living advantages like interest on savings, tax breaks, cash back, and more.

Life Savings

This is a life insurance policy that enables policyholders to save money while also receiving free life insurance coverage of up to one million Naira. The least amount to pay annually is ?24,000, and there is an absence of early withdrawal penalties on the principal. The principal is always guaranteed, and the return on investment is index-linked. But, if you make a withdrawal within two years, you could lose any interest owed on the contract.

Instant Plan

This is an annually renewed term life insurance policy that offers coverage for accidental medical costs, permanent disability, and death. For values assured of between ?100,000 and ?1,000,000, the premium varies from ?1,000 to ?10,000. No medical exam is necessary.

Education Plan

This plan helps you save money for your child's education in the event of unforeseen circumstances. The premium starts at ?5,000, which covers death and permanent disability with a free annual health check.

Conclusion

Life insurance is one of the most overlooked financial planning tools. It serves many critical functions, but if you don't have it, you are opening yourself up to some serious risks. Hopefully, this guide has given you a better sense of what life insurance is and its benefits. If that's the case, purchasing a policy doesn't have to be difficult; just contact us with questions and the next steps on buying one.