Do I need life insurance?

If you have dependants and financial responsibilities towards them, then you certainly need insurance. Having a family means dependants, which, in turn means financial commitments. Financial commitments come in the form of loans, children’s education, medical expenses etc. Imagine what would happen if you were to lose your life suddenly or become disabled and cannot earn. . Being insured in a situation like this is a necessity. When you insure your life, in effect what you are doing is insuring your earning capacity. This guarantees that your dependants will be able to continue living without financial hardships even in case of your demise.

Most insurance plans available today come with a savings element built into it. These policies help you plan not only for protection against death but also for a financially independent future, which would enable you to have a comfortable retirement.