Do you know why insurance is important in our lives? Do you think insurance is important to save single income tax? This is the misfortune of our society in which most people do not know the real benefit as insurance. Almost everyone consider insurance as an investment tool, and unable to enjoy the real benefits of insurance.
The term “insurance”, many people understand the LIC policy. In fact, it is not their fault, because they do not get much contact and not in a position to explore why insurance is important.
Your brick and mortar location may be in the safest part of town, and you might be as diligent as possible to maintain a safe environment. But accidents still happen, and they can cause you to be sued for liability.
2. Insurance Protects the Small Guys
If you look in your industry, you will see the “big guys” and the “little guys.” If a risk goes wrong, the big guys will be able to survive. You can take a punch. But the little guys can not hit one. As a result, they are risk averse, and in some cases, they are selling themselves as the big boys. If enough little guys leave the industry (and a big guy devours them), you can use a monopoly on the left. With insurance, however, the little guys support if they want to take a risk that they remain to more resources. What matters is that insurance helps prevent the formation of monopolies.
3.Insurance Ensures Family and Business Stability
The insurance is a safety net when risks go wrong. Life insurance can support the life of a family, one member must be lost. It is similar to a business. If a key member or piece of equipment out of commission, the company can continue, through insurance. This reason why insurance is important in good agreement with Peace (No. 4) of the mind. It comes back to the idea that insurance, when activated, allows insured together again
4.Loans and Expenses Repayment
Life insurance policies are a good way to save on taxes too. According to Article 80C of the IT law, most insurance plans in India, including life insurance plans offer tax deductions for premiums.
6. Protect those you love.
In your life, you work hard to make sure that those you love – spouse, partner, children, family members – are supported. It is equally important to consider providing financial support for future costs of life of survivors. After all, they will have to continue without you. Make sure they are protected, too.
7. Supplement your retirement.
You can use life insurance to ensure that your retirement as long as you do it. An annuity is a pension plan as a do-it-yourself – a guaranteed income stream to obtain a sum of money in life insurance and in return month after month, as long as you live.