The recent pandemic was a wake-up call for everyone around the world and a reminder of how uncertain life can be. In the year gone by, almost everyone had their share of turmoil. Hence, it would be great to commence this year with a thoughtful gift to your loved ones. Something that can be useful to them in times of need, such as a life insurance policy. The policy is designed to give your loved ones a sense of financial stability and support in the future.
In this article, let us look at the various pros of this insurance, which make it an ideal gift for your dear ones.
Benefits of life insurance as a gift
- It’s practical:
This insurance is a gift of a lifetime as it offers financial security to your loved ones by giving you the option of making them your beneficiary or nominee. So, should something unfortunate happen to you, your family will be well taken care of, financially.
- Protects your child’s future:
As a parent, one of your biggest dreams perhaps is to witness your children achieve their milestones and all their wishes come true. So, whether it is the higher education they wish to pursue or set out travelling or entrepreneurship is where they are headed to; buying a life insurance policy will ensure your child’s future needs are fulfilled without giving you any stress-lines.
- Secures your parent’s future:
This insurance makes the best gift for your parents, too. Their dedication towards raising and providing for you cannot be quantified. To give back what they have given you is practically impossible too. However, what you can do is ensure that they live with the same financial independence and self-esteem as they always have.
If your parents are still in their late 40s or early 50s, gifting them this policy is the best way to secure their financial future. But, if your parents are senior in age, add them as a nominee on your insurance to help them reap the benefits as specified by your policy.
Furthermore, to make the most of your policy, you can also add various life insurance riders available with it, such as:
- Accidental death benefit rider
- Accidental total and permanent disability benefit rider
- Preferred term rider
These riders render the policy even more suitable and a lucrative gift for your loved ones.
A note of caution, though – read through the terms and conditions of the policy carefully to ensure that you make an informed decision.