What Should you Choose this Diwali, Shopping or Life Insurance?

This five-day festival of lights is about celebrating new beginnings and that could be appropriate when talking about the important subject of life insurance.

Naturally, you will want to enjoy the festival and everything that Diwali is all about but it might also be an opportune moment to think about protecting your loved ones with some Life Insurance so that they are taken care of if you are not around for them.

Shopping might be a fundamental part of the festivities, but you might also want to consider putting your financial priorities at the top of your list. For example, the ULIP Plan is a life insurance plan that promises to make you forget your financial worries

When you start to think about how important it is to protect those you love from financial problems if you are not there to take care of things yourself it should be food for thought and a good reason to consider whether this would be the perfect time to sort out some life insurance.

Coping with the unexpected

It is all too easy to think that you have plenty of time to sort out your financial situation when it comes to things like life insurance and pensions, as they always seem like something that is related to your future needs a long way into the future.

The big problem is that life is unpredictable and that means you never know when that life insurance will actually be needed.

Think about how your family would cope without your income and whether they would have money to carry on with the same standard of living as you have now.

The answer should prove to be an incentive to get life cover and enjoy the peace of mind that comes with knowing that you have made provisions for your family in the event of your untimely death.

Protect what you have

There are numerous examples of families and businesses struggling to hold on to what they have when a loved one passes away unexpectedly.

If you are involved in running a business, for example, life insurance can provide a lump sum that helps everyone left to keep everything going and avoid a financial crisis that could otherwise threaten the survival of the company.

If you are paying off a mortgage it is also imperative that you plan for clearing that debt if you are no longer around so that your loved ones don’t have to move out or suffer financial difficulties.

Some extra cash in retirement

It is also worth bearing in mind that permanent life insurance policies will accumulate a cash value and that could be used if you are around to enjoy your retirement and want a way to borrow some tax-free money.

That should not be your primary reason for taking out life insurance, but it does illustrate what an important subject it is to talk to about, and while you are celebrating Diwali with your family it seems a good time to put your family’s financial security at the top of your shopping list.