Nothing in this world including human beings is certain. The time of our birth is predictable but the day, date and time of our death are not known whereas we are certainly going to get mingled with the earth that has brought us into this world. The dependents of the deceased often lead horrible lives because of insecurity. It is important to buy life insurance cover that helps as compensation in the event of sad consequences because of sudden accidents or sad demises. Contractor life insurance for the contractors is the right answer for them and their families.
Benefits – Life insurance cover must be purchased in view of its following extraordinary benefits for all and the contractors in particular that are always prone to unexpected conditions:
- Compensation Upon Death – Almost all the contractors purchase life insurance cover for protecting themselves and their dependents if something goes wrong with them during the work. The contractor pays a considerable premium in line with the assured sum as per the conditions of the insurance contract. Known as a death benefit, this is perhaps the most significant advantage of life insurance cover.
- Great Investment – Almost all life insurance policies are associated with insurance and the investment component too. An amount equivalent to one half of the premium is credited towards the insurance cover while the other half goes for investment in debt, equity or a mixture of both. The insurer is benefited by way of both the insurance and the investment benefits too. You are at liberty to prefer the investment aspects as per your own choice.
- Benefits Of Maturity – The wise contractors that opt for life insurance covers are benefited in terms of maturity advantages. The insurer gets back the full amount of the premium since paid by him on maturity if the guy remains alive at that time. Thus the savings component in the life insurance cover is the extra advantage while the fixed assured amount is given to the insurer’s dependants if the guys happen to breathe his last during the insurance period.
- Tax Rebates – Payment towards the insurance premium amount reduces the tax liabilities if the payment is invested towards special instruments meant for the same. Different states in the world allow varied tax reductions as per the special plans floated by them for the insurers.
- Liability Coverage – Many people raise loans for meeting certain obligations beyond their control, i.e. education loan, credit card debt or other such loans. Such obligations can be fulfilled by the dependants with the help of life insurance coverage if the insurer happens to die during the plan
Having studied the above unique benefits of life insurance cover, it is the right time to opt for the same. Contractor Life Insurance for laborious contractors is quite advantageous.