LIFE INSURANCES
People generally take insurances for 2 purposes :-
- Liability (Mortgage, debts, car loan , kids education, kids marriage etc:-)
- Responsibility (responsibility towards parents, spouse, children etc:-)
Term Insurances covers liability only
Permanent insurance covers both liability & responsibility
Did you know, which is the greatest asset we have?
It is nothing but our “ability to earn income”
It can be shattered by 3 ways, Disability, Critical illness & Death.
We don’t like these 3 things, but reality is that, nobody can stop these.
- Disability may be take care by most of employers why because they hired our skill but not us.
- For the other 2, we have to find a solution, otherwise our loved ones will suffer.
- Best option is procuring a Permanent / Wealth Insurance.
The advantages of Permanent / wealth insurance are,
- SAVINGS / retirement income
- It can build life insurance
- It also covers critical illness (which gives living benefits)
- It creates generational wealth ( Note: “ Your planning of money will impact the life of generations to come ”)
- Can withdraw money in tax efficient way
Note: Premium of insurance is as per the present age. So, best time to take the insurance is NOW.
One of the best memorable gift to our children is taking a life insurance for them when they are children. Premiums will be pretty low and before their 30th birthday, the plan will be paid-off and the policy will act as an “ATM Machine” for the rest of their life.