The Importance Of Life Insurance: 6 Reasons Why You Need This Contingency Tool

A life insurance cover not just provides a safety net to your family but also gives an opportunity to save a decent amount of money for future needs

A life insurance policy is a contingency tool for individuals to provide financial cover to their families if they were to meet an untimely demise or become disabled on account of an accident. In times of a pandemic like COVID-19, where millions of lives have been lost, the importance of life insurance has become all the more apparent. With thousands of businesses being shut, lakhs of people losing their jobs and uncertainty of life looming over, people have started to become more sensitive about health and well-being. In times of such a crisis, an insurance cover can extend a helping hand at every stage of life. Apart from providing a safety net to your family, it also gives an opportunity to save a decent amount of money for future needs. As a general thumb rule, your life cover must ideally be at least 10 times your current income. Here are 6 reasons why you need a life insurance cover: Financial security for your family: Life insurance is an expression of love. It's about meeting responsibilities and keeping promises, a tool that protects your family from the potentially devastating financial losses that can result if you die prematurely. An insurance cover will support the education of your children and give financial security to your spouse.