Life insurance offers a lump-sum payment known as death benefit to the recipients upon your death. It’s crucial for financial planning and ensuring your family’s financial security.
Financial Security for Loved Ones Life insurance ensures that your family can maintain their standard of living and achieve their financial goals even after you’re gone.
Income Replacement It replaces lost income, ensuring that your family can continue to pay bills, mortgages, and other expenses.
Debt Repayment Life insurance can be used to pay off outstanding debts, such as mortgages, car loans, or credit card balances, relieving financial burdens on your loved ones.
Estate Planning Tool It facilitates the transfer of wealth and minimizes estate taxes, ensuring your assets are distributed according to your wishes.
Tax Benefits Life insurance proceeds are generally income tax-free to beneficiaries, providing a tax-efficient way to transfer wealth.
The grace period in insurance is a set time frame after the premium’s due date during which the policyholder can pay without their coverage lapsing. This period usually lasts upto a month (30 days) but can be different based on the insurance company and policy details you go for. If the premium is paid within this window, the insurance policy stays active. However, if the payment is missed by the end of the grace period, the policy could be canceled.
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