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Advantages of Having Life Insurance Life insurance is a policy that pays out a sum of money either on the death of a person or the end of the set period. In life insurance, the insurer agrees to pay a particular amount of money at the end of the month for agreed period of time. Let us look at some of the things that makes people go for life insurance policy. The first benefit of life insurance is the life cover. One of the major benefits of life insurance is life cover. Life cover is referred as the amount of money that your insurance company to you or your nominee in your absence. This is necessary as the insurance firm will make sure that your children do not suffer even in your absence. A nominee is a person that you point at the time of purchase to receive your insurance benefits in your absence. You children will be assured of their well-being since the nominee will take charge of your benefits in case of any unfortunate thing. You are advised that you buy a life cover that will cater for all the needs of your beneficiaries. You are advised to buy a life insurance that is even ten times your income. Another advantage of life insurance policy is that is a long term saving. This is so because you will be systematically saving money with the firm at the end of every month. This is necessary as you will find that when you reach your retirement period you would have saved a lot of money. Apart from that you would have achieved your goal of saving money maybe for your son’s wedding or starting a business. To add on that you will also get double benefits protection as well as savings.
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Apart from that we also have life stage specific planning. This is because most of this insurance firms offer a product tailor made at specific life stages. As a result, you and your family will be able to plan various goals at different life stages. For instance, you can plan to buy a car, a house, a land, and educating your child, planning your wedding as well as saving money for your retirement.
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The last benefit of life insurance is the tax advantage. Most insurance firms are covered by the constitution to the sense that you will not be taxed when saving with them. To start with, you are not going to be taxed from your premiums which you are going to pay every month. You also find that as your money grows you are also going to be entitled to earning benefits. Another free service is when you are ending your service when your money has already matured.