A life insurance would give your family a tax-free cash payout that they can spend for whatever they need in the event of your untimely death. Life insurance can offer defence against the unforeseen as you and your family save for these milestones. Consider your greatest financial aspirations, such as purchasing a home, sending your children for higher education, or setting up money for retirement. This insurance will also replace your family income when resources are less so they can maintain their quality of life.Ī little financial planning is necessary at every stage of life to achieve your goals. Your individual life insurance follows you when you retire and you are no longer insured by your employer.

It is also used to cover your mortgage and your personal loans, such as your car loan. Life insurance is important, as it protects your family and lets you leave them a non-taxable amount at the time of death.