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Advantages of Having Life Insurance A policy that pays out a sum of money either on the death of a person or the end of the set period is referred to as life insurance. Where you will agree to pay a specific amount of money at the end of the month for a set period of time. Here are some of the advantages of life insurance policy. The first benefit of life insurance is the life cover. 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. It will be the responsibility of the nominee to make sure that your beneficiaries do not suffer in case you will not be present by then. Make sure that you purchase a life cover that will satisfy your children effectively. If possible you can even buy a life cover that is ten times your income. It is also beneficial since it is a long term saving. This is because it is a systematic way of saving money since you pay for it on monthly basis. 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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You can also plan for specific stage of life using this life insurance policy. This is because most of this insurance firms offer 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 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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With life insurance you will be free from paying some taxes. In the constitution, there is a provision that when you are saving with insurance firms you will be exempted from paying some taxes. 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.