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Benefits of Life Insurance Life insurance is a policy that pays out a sum of money either on the death of a person or the end of the set period. Where you will agree to pay a specific amount of money at the end of the month for a set period of time. Here are some of the advantages of life insurance policy. We have life cover as the first benefit of life insurance. This is the primary benefit of life insurance policy. Life cover is referred as the amount of money that your insurance company to you or your nominee in your absence. As a result, the insurance firm will ensure that your loved ones will benefit from your cover even if you are absent. A nominee is a person that you point at the time of purchase to receive your insurance benefits in your absence. You children will be assured of their well-being since the nominee will take charge of your benefits in case of any unfortunate thing. Make sure that you purchase a life cover that will satisfy your children effectively. You are advised to buy a life insurance that is even ten times your income. It is also beneficial since it is a long term saving. Since you will be paying a specific amount of money every month it becomes a systematic way of saving. This is necessary as you will find that when you reach your retirement period you would have saved a lot of money. Besides, you would have achieved your objective of saving money maybe for your son’s wedding or to start up a business enterprise. Besides, you will get double benefits of protection as well as savings.
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Apart from that we also have life stage specific planning. Most of this insurance firms have a provision of product tailor made at specific life stages. As a result, you and your family will be able to plan various goals at different life stages. For instance, you can plan to buy a car, a house, a land, and educating your child, planning your wedding as well as saving money for your retirement.
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With life insurance you will be free from paying some taxes. There is a provision that you can be exempted from paying tax if you are saving your money with this insurance firms. For instance, you are not going to be taxed from your premiums which you are going to pay every month. The next thing is that you are not going to be charged from your earning as money grows. Another free service is when you are ending your service when your money has already matured.

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