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Benefits of Life Insurance A cover that will pay you either on the death of a person or the end of the set period is called life insurance policy. In this case, you will be paying a specific amount of money at the end of every month for agreed period of time. Below are some of the benefits of life insurance policy. Let us start with life cover as a benefit of life insurance. It is considered as the major advantage of life insurance policy. We can refer to life cover as the amount of money the insurance company pays you or your nominee on your absence. You find that even if you will not be there at the maturity of your money the insurance firm will ensure that your children are well taken care of. 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. It will be a very great idea if you purchase a life cover that is ten times your earning. Life insurance is also a long term saving. Since you will be paying a specific amount of money every month it becomes a systematic way of saving. This is necessary as you will find that when you reach your retirement period you would have saved a lot of money. Besides, you would have achieved your objective of saving money maybe for your son’s wedding or to start up a business enterprise. As well as savings you will also get double benefits protection.
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Another benefit is the specific life stage planning. With life insurance policy there is a provision of a product tailor made at specific life stages. With this, you will be able to plan various goals at specific life stages with your family members. For example, 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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We also have a tax advantage as a benefit of life insurance. There is a provision that you can be exempted from paying tax if you are saving your money with this insurance firms. To start with, you are not going to be taxed from your premiums which you are going to pay every month. The next thing is that you are not going to be charged from your earning as money grows. Besides, you will be able to end your cover free of charge.