LIFE INSURANCE

FIVE KEY REASONS LIFE INSURANCE CAN TRANSFORM YOUR RETIREMENT

Published By Moushumi Mahanta | 16 Aug, 2024
Increasing life expectancy and rising healthcare costs make post-retirement planning crucial. Life insurance offers versatile financial solutions to address these needs effectively.
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Here are the reasons life insurance can transform your retirement:
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Securing Post-Retirement Income

Life insurance policies, including endowment plans and ULIPs, can provide regular income payments upon maturity, replacing your primary income after retirement. Annuity plans also offer consistent pension payouts.
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Coverage for Medical Expenses

A critical illness rider on a life insurance policy covers expensive treatments for severe health conditions like cancer or heart disease, reducing out-of-pocket expenses and financial stress.
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Paying Off Remaining Debts

Maturity benefits from life insurance can help settle any outstanding loans or debts, avoiding the burden of managing these payments during retirement.
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Protection Against Rising Expenses

Life insurance plans, especially ULIPs, allow investment in market-linked funds, potentially growing your retirement corpus and safeguarding against inflation and rising expenses.
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Ensuring Liquidity of Your Estate

Life insurance payouts are highly liquid and tax-efficient, providing quick access to funds compared to liquidating other assets like property or land.
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