Why does one need Life Insurance?

As a working member of one’s family, one has the ability to generate income by engaging in one’s profession. It is this income and the savings resulting from the same that allows our family to enjoy the fruits of life. However, events in our lives are not always predictable - we do not know when an unfortunate event like death or disability could occur. Death can deal a tremendous financial blow to our dependents. A serious illness or disability can be even more difficult to handle financially. Life Insurance is a mechanism to insulate your dependents from facing financial hardships in the event you are not around or are not able to continue to earn income. People who have families comprising dependents like spouse, parents, children, disabled relatives etc. should consider buying life insurance based on their requirements. In addition, life insurance can also be used as a mechanism to channelise savings to meet planned expenses like marriage expenses, education expenses etc. or for loan / debt repayment.