No matter how much money you have, or what your financial situation is, it’s always nice to have some extra cash tucked away for a rainy day-or to enjoy yourself guilt-free when the weather’s sunny.
Guaranteed Savings Plans: Guaranteed Payouts + Life Cover
That’s why having investment plans against emergencies, both small and large, can be invaluable for protecting your savings, keeping the peace of mind that comes with knowing you’re prepared-and making sure that money isn’t being held back by something as silly as forgetting to lock your door at night. Here are eight benefits of having an insurance plan for your savings.
If you have life insurance, you don’t need a separate savings account
If you have life insurance, then you don’t need separate savings to account to keep money safe in case something happens to you.
Death or disability means that you may not be able to work anymore, and this could mean that you won’t be able to keep up with the costs of living. Life insurance is meant to cover those expenses, so it’s the only thing that’s necessary.
A separate savings account might seem like a good idea at first because it’s another way to save, but it doesn’t add any extra protection against life’s uncertainties.
Life insurance can help if something unforeseen happens
An investment plan can help you maintain your quality of life by providing the money needed to pay off any debts or maintain a lifestyle if something unforeseen happens.
A life insurance policy can also help someone provide for their dependents in the event they die. There are three types of life insurance: term, whole, and universal.
Term policies are usually cheaper but only last a specific number of years (usually 10-30 years). Whole policies are more expensive but last until the insured person dies. Universal policies combine term and whole into one package with a set premium that is guaranteed to never increase no matter how old the insured person is when they purchase it.
Your life policy offers premium flexibility
You can choose how long you want to pay premiums (monthly, quarterly, semi-annually, or annually) and the amount of your premium.
You can also choose how much coverage you want by choosing a policy with a higher death benefit. Your life policy offers the flexibility to customize a plan that is right for you and your family.
Life coverage helps take care of expenses like loans, mortgage payments, credit cards
Investment plans help take care of expenses like loans, mortgage payments, credit cards, and funeral costs.
This can be a great way to protect your loved ones if something were to happen to you unexpectedly. It also provides peace of mind knowing that in the event you pass away there is someone who will look out for your best interests.
Life coverage replaces lost income if you’re too sick to work
There are many benefits to an investment plans policy, including the ability to replace lost income if you’re too sick to work.
You may also want to consider adding disability coverage as well. Disability coverage pays you a portion of your salary if you can’t work because of illness or injury.
The total amount will depend on what percentage is covered by your employer and how much they pay out per week before taxes. It’s important to note that disability payments from Social Security typically don’t start until three months after being approved by the government, so disability coverage provides another source of income during this time.
Life coverage can replace stolen or damaged assets
Having life coverage can help you replace assets, such as money or material goods that are lost due to theft or natural disasters. The more expensive the item, the greater the amount of coverage you need.
Life insurance is not just about death. You may be thinking that a life insurance policy is only good if you die. It’s also a great way to get disability and income protection in the event of illness or injury too!
Disability income benefits provide additional security: Disability income coverage provides financial support if you are unable to work due to sickness or an injury for at least 60 consecutive days and earn less than 50% of your pre-disability income.
Life coverage pays out when you pass away
Death is never a pleasant thought to think about. But it’s something that many people have to deal with, and it can be difficult to come up with the money necessary to pay off all the debts you’ve accrued in life.
Life coverage pays out when you pass away, which means that if you are young and healthy, it might be a great idea to purchase life coverage on yourself so that you can ensure that your loved ones will have the funds they need after you’re gone.
At Canara HSBC Life Insurance – iSelect Guaranteed Future Plan we understand that protecting your family’s future is important to you. That’s why the plan offers you a variety of affordable policies with guaranteed returns on investment so that you can rest easy knowing that you’ve done everything possible to protect your loved ones when the time comes.
We know that choosing the right insurance policy can be difficult, which is why we’re here to help. Give us a call today for the iSelect Guaranteed Future Plan and let us walk you through our range of products and help you find one that fits your needs and budget perfectly!
If you’re just starting with your savings, you might not see the point of paying monthly premiums to an insurance company that doesn’t actually pay you anything back yet (and in fact will probably cost you some cash to join). But as your savings grow, so do the benefits of having an insurance plan.