MAHISAGAR SHALAVAR DHORANWISE MAHITI AAPVA BABAT GR AND PATRAK
Life insurance is important if you have people who are dependent on you financially. If you were to die unexpectedly then your salary would no longer be available to cover regular household expenses such as mortgage payments, and utility bills, and your family would suffer financial hardship as a result. Life insurance is designed to cover these expenses in your absence, and to ease the financial burden experienced by your family at what would already be a very difficult time.
Researchers have found that if the primary wage earner were to die their family would only be able to cover their household expenses for just a few months; one in four families would have problems covering their outgoings immediately.
Most insurers recommend that you take out cover for around ten times your annual income. When calculating exactly how much cover you need you need to take into account mortgage or rent payments, and other living expenses, such as loan and credit card payments. You should also factor in childcare expenses, and future university fees if applicable.
There are two main types of life insurance policy to choose from: whole life policies, and term life policies. You pay for whole life policies until you die, and you pay for term life policies for a set period of time determined when you take out the policy. It is wise to engage the services of an experienced insurance broker, or financial advisor, before taking out a policy as they can differ widely, and it is important that you arrange cover that meets your needs and requirements exactly.