Pension reform of 2013 has widened the options of investment available all the people in Saudi Arabia. Along with this, it has also relaxed the set of rules that govern the sale and purchase of assets within a person’s pension plan.
Why do you need life cover insurance UAE?
At a certain point in your life, you may wonder as to why you need life insurance. Here are a few reasons as to why:
Your Family’s Financial Requirements
If you happen to be the sole earning member of your family, then the fate of your entire family depends upon you. In the event of your death, there will be no steady source of income for the family members and consequently, the standards of living will deteriorate. Your kids’ education and other academic activities may suffer. But if you have a life insurance, all of it is paid for.
Loans and Expenses Repayment
Have you taken some sort of a loan for your house, your car or any other thing with your spouse? Have you ever borrowed any money from someone? Also, you may have just started your family and your child is still very young. Now imagine what happens to all of this if you were to ever pass away suddenly. Your spouse has to bear the entire burden of paying off these loans. These are some major expenses with which you can help your spouse by buying a life insurance Policy early in life.
Draw Loans Against Insurance
One of the benefits of buying a life insurance policy is that you can also use itto draw a loan against it. Thus, it will serve a dual purpose.
Diverse Investment Options
A good Life insurance Policy can also be used as a good investment option. Since there are various kinds of insurance policies, you can use them for different purposes. For instance, like Private Pension Plan Saudi Arabia, Term life insurance plans, child education insurance plans, Investment Plan Saudi Arabia, retirement plans, whole life insurance plans, among others. All of these are good life insurance policies.
Imagine you or anyone in your family falls seriously sick all of a sudden. So what do you do? In the light of how expensive the health care programs can be and how much private hospitals cost, it is always a good idea to buy a life insurance policy. They act as a good protection tool against the financial pressure which you have to face during a serious accident. With a nice insurance policy, you can afford to get treatment from the best hospitals without worrying about the financial burden. It is advised to buy a life insurance policy when you are young and healthy.
The best way of saving taxes is to buy a Life insurance y. The Private Pension Plan Saudi Arabia, for instance exempts all and any pension plans from government intervention and extra taxing so that you can enjoy a worry free old age.