Yelp! The zombies are out there – slowly crawling into your neighbourhood and loitering in your streets searching for fresh brains to feed on. What do you do? Hide someplace safe with your family, stock up on canned food and arm yourselves with axes and crossbows in the case of an accidental breach.
But, what if you died protecting your family?
In the aftermath of you becoming a zombie, your family would need protection – not just from you, but also from unwarranted debts or losses.
Want to ensure that your family is protected from a zombie apocalypse? Get yourself a Life Insurance policy.
Is a Zombie Apocalypse Real?
Well, that depends. The chances of the human race being infected with a parasitic virus are pretty high. In fact, there are a few toxins and diseases that have been identified that seem to cause a zombie-like effect on people and animals.
The Toxoplasma parasite is known to cause schizophrenia, while the dreaded Mad Cow disease is also caused by a virus that induces depression, loss of coordination and dementia within 13 months of the onset of infection. Don’t even get us started on other viral contaminations like Ebola and Zika!
Why Buy Life Insurance?
Simple. Buy yourself some peace of mind before they get a piece of your mind! Zombie apocalypse or not, buying a Life Insurance policy or even a Term Insurance policy is always a good idea.
Below are a few pointers on why you should get one as soon as possible –
- Protect Your Family And Loved Ones
While it might be awkward thinking about death and stuff, we are mortal beings after all. Even if you did return from the dead as a zombie, chances are you wouldn’t really care about your family or loved ones.
In that case, you will have to ensure that your family isn’t pressurised by costs that don’t just include their expenses, but ones that you left behind in life, like a Home Loan or a Personal Loan.
- Survival!
It’s really simple. If you do manage to survive a zombie apocalypse, you could always treat your Life Insurance policy as a retirement fund. It could cover your costs when you’re old, rickety and need a walking stick to carry on. The policy could be your financial aid.
Additional Reading: 4 Slamming Insurance Products To Help You Rest In Peace
- Lower Premiums
If you thought Life Insurance premiums were costly, here is a way to get cheaper ones – apply for a policy when you’re younger. The younger you are when you apply for a policy, the lower your premium will be.
On a zombier note – Would an ‘undead’ you be able to redeem a policy?
Not really. You’re dead. While your death itself will make your nominee eligible to claim benefits, you wouldn’t be able to claim it yourself because you are technically dead and are not entitled to any benefits of the policy.
Additional Reading: Your Guide To Waiver Of Premium Riders In Life Insurance
- Sell it During an Emergency
Did you know you could sell your policy in exchange for cash? Say you’ve been bitten by a zombie and you need the money to get that magic cure that could reverse the zombifying process. You could sell your Life Insurance policy to cover medical emergencies if you fell ill and don’t have Health Insurance.
- Save on Taxes
You save big on taxes on your Life Insurance policy. Under section 80 C of the Income Tax Act, you can claim tax benefits of up to Rs. 1,50,000 on your policy.
- Deal With Debts
If you are unable to pay off your debts or you don’t have the money to fund your EMIs due to some ill-fated event, you could use your Life Insurance premium money to deal with all that pent up debt.
Getting a Term Life Insurance is easier than ever now – Go online, compare policies, learn more, discover more and choose the best policy with just a few clicks of a button.
Additional Reading: The Definitive Guide To Buying Term Life Insurance
What Life Insurance Do I Need?
Choosing a Life Insurance Policy is kinda tricky, but it’s not something that should put you off.
There are different types of policies. Below are some major ones on the market:
A Term Insurance policy only provides cover for a certain period of time. It has been custom-designed to help your dependents in the unfortunate event of your early demise. The complete sum assured will be given to your dependents if you kick the bucket during the period of the policy. The tenure usually ranges between 20 and 30 years.
The Whole Life policy, like the term suggests, provides cover for your entire life. The policy’s cash value makes it special. You could get loans against a Whole Life policy and all the accumulated interest is exempt from taxes as well. Some policies even reap annual dividends.
- Unit Linked Insurance Policies (ULIP)
Unit Linked Insurance policies are hybrid policies that not only offer insurance cover, but also comes linked with investment opportunities. A part of the premium is put into market-linked assets and thus earns the investor money along with a life cover.
The Money Back Policy doesn’t just provide cover throughout the term of the policy, but also ensures that you keep getting returns in small installments while you survive. Your nominee will be entitled to the lump sum amount in the event of your demise. You can also borrow loans against the cash value of this policy.
Weigh out the pros and cons of every policy. Talk to a Life Insurance agent if you are confused. Never forget to account for your income, your health and habits and your financial stability while zeroing in on a Life Insurance Policy.
How Much Do I Need?
Your policy amount should depend on factors like:
- Financial Dependents
When getting a Life Insurance policy, one of the first things to consider is the number of people that depend financially on you, their age and what their needs will be in the future. It’s all about planning.
- Expenses
Because a Life Insurance policy is all about planning, you must consider your expenses; both current and for the future. You would have to calculate how much your spending is going to increase in the coming years.
- Liabilities
Do you have a Home Loan? A Car Loan? A Personal Loan? Account for any long-term liabilities when you are taking out a Life Insurance Policy.
- Tenure
Keep in mind the tenure of the policy. If you are opting for Term Insurance, it could range between 10 to 30 years.
- Maturity
The maximum age covered by the policy is also another important feature to consider while taking out a policy. Have you taken maturity benefits into consideration? After all, it’s the returns that should matter!
Additional Reading: 10 Popular Life Insurance Plans In 2017
So, zombie apocalypse or not, make sure you take out a Life Insurance policy, as well as a Medical Insurance policy, at the earliest to keep yourself and your loved ones protected at all times.