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Build a Financial Support System for Your Family with Life Insurance Plans

While most of us have heard of life insurance, we may not know how it works precisely to fulfil the need for financial security.

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Build a Financial Support System for Your Family with Life Insurance Plans

At a certain point in life, financial planning takes center stage. The increasing responsibilities once you are financially independent need a robust support system to be managed efficiently. One of the first steps is to secure your family and yourself against the uncertainties of life. While most of us have heard of life insurance, we may not know how it works precisely to fulfill the need for financial security.

It is often misconstrued as an unnecessary investment until a sudden mishap occurs and leaves your loved ones in financial distress. As unpleasant as it is to think of your family suffering, it is also crucial to plan practically for such situations.

When you invest in a suitable life insurance plan, you can rest assured that in case of an eventuality, your family will not face more troubles than they have to. It will ensure their financial independence during challenging times.

1. How Does Life Insurance Work?

Life insurance is a financial instrument that allows individuals to create a shield of protection around their loved ones. To put it simply, an agreement between an insurance provider and the insured individual entitles the nominees of the policy to monetary support.

  • Under the life insurance agreement, the policyholder pays a specified premium amount to the insurer regularly. Depending on the policyholder’s choice, it can be monthly, quarterly, half-yearly, or yearly payments.
  • As the policyholder, you can select the tenure of coverage and benefits that align with your requirements.
  • In case of the insured individual’s untimely demise, a death benefit is payable to the nominee of the policy.

When you buy life insurance online, you will find several products designed to cater to diverse financial profiles. For instance, some life insurance products come with an investment or savings component. Furthermore, different insurance providers offer life insurance products with varying benefits and prices.

Most importantly, there is no standard life insurance that works best for everyone. Your needs are distinctive and depend on several personal factors. Therefore, it is crucial to understand the life insurance meaning for you and your family to choose the right policy.

You must be aware of the benefits of life insurance to be able to do so. Here’s how life insurance can help you build a financial support system:

2. Improve Financial Planning

Planning your expenses and investments is imperative through different life stages. Life insurance plays a vital role in this process by creating a foundation of financial security. You can use your income more competently when you invest in life insurance early in life.

3. Serve As An Income Replacement

Serve As An Income Replacement

The payout from your life insurance can act as a replacement for the lost income in case of your unexpected death. If your family members depend on your income solely, the sudden loss can cause immense financial hardships. With a life insurance plan in place, they can use the money to stabilize the situation.

4. Support Long-Term Life Goals

The lump-sum payout from life insurance is the sum assured that you choose when buying the policy. It can support your family to provide significant life expenses such as paying for a child’s education. When you purchase life insurance online, you can determine the suitable sum assured, keeping the long-term goals in mind.

Moreover, regular term insurance provides the policyholder’s family with a death benefit. If you opt for a return of premium rider, a maturity benefit also becomes payable if you survive the policy period. This amount can be used to fulfill life goals that require a considerable amount of money.

5. Get Comprehensive Security

Insurance providers offer riders as add-ons to the base plan. They can enhance the coverage of life insurance to improve financial security. These riders usually include coverage for critical illnesses, accidental death disability, etc. You can also opt for a waiver of premium rider that allows you to enjoy content without paying premiums in loss of income due to an accident.

6. Help Repay Outstanding Debts

If you have a car loan, home loan, or other outstanding debts, it is crucial to consider them when buying life insurance. The sum assured should be decided, taking the debts into account so that your family does not burden repayment without any support in your absence.

7. Retain the Standard of Living

The life insurance payout will enable your family members to cover regular expenses without depending on anyone else. Thus, maintaining their standard of living and living comfortably. As per the 2019-20 annual report of India’s Insurance Regulatory and Development Authority (IRDAI), life insurance companies paid Rs. 18,042 crores as claim settlement.

8. Enable Tax Savings

Life insurance is a tax-saving instrument that allows policyholders to reduce their tax liabilities. You can avail of tax deductions for life insurance premiums under Section 80C of the Income Tax Act, 1961. Life insurance payout is also tax-exempt under Section 10 (10)D of the Income Tax Act.

Make sure to compare life insurance online and choose a reliable insurance provider to avoid any future disappointments.

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Business

5 Mistakes To Avoid If You Are Going To Self-publish Your Book

To help you address any potential questions you may have, we’ve put together a list of 5 mistakes to avoid if you’re going to self-publish your book.

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5 Mistakes To Avoid If You Are Going To Self-publish Your Book

Self-publishing your book essentially means being your own editor, designer, proofreader, and marketer, not to mention the fact that you also have to write your book. There are many tasks and it will be the first time you face any of them.

For many first-time authors, this process can seem a little overwhelming. After all, how can you be sure you’re on the right track to making your book a success? To help you address any potential questions you may have, we’ve put together a list of 5 mistakes to avoid if you’re going to self-publish your book.

1. “What matters is the inside”

Well, you’re not wrong. Content is king, and it will be what determines the long-term success of your book. However, we often see that authors who make this their mantra end up severely neglecting the more superficial but vitally important elements such as book writing service, formatting, and well-written descriptions. The irony is that if you don’t put effort into the outside of your book, people will never see the inside. It’s really a bit like going on a date, what’s important is the inside, but you have to fix the outside so that people are curious about the important things.

You may not have all the necessary skills in your pipeline, but it is definitely possible to self-publish a professional-quality book (both in terms of content and exterior) without necessarily having any experience. We’ll tell you more throughout this article, and of course, you can always browse our Help Center and blog for more tips, tricks, and guides for self-publishing your book.

2. Ignore criticism and/or comments

One of the best things about self-publishing your book is that you have the freedom to write about topics that tend not to have been explored in mainstream literature. Many publishers do not dare to touch on these topics for fear of not getting a return on investment or because they are niche genres with few but very passionate fans. This can sometimes lead authors to be a little overprotective of their ideas and dismiss any criticism or comments, constructive or otherwise, usually to the detriment of the final product.

Don’t get us wrong here: we’re not saying you should sell out or compromise your creative identity. If you’re not happy with the book, there’s no point in writing it in the first place. However, self-publishing also means self-publishing (for the most part), and that requires a certain objective perspective. That’s why we always recommend that at least two people you trust to read and comment on your work before publishing it.

This is especially true if you want to sell your books once you’ve published them. Getting a couple of people to read and review your book before publication can help eliminate some of the errors you may have missed, plot holes, or undesirable story elements.

3. “My target audience is everyone”

We hear this a lot. There seems to be some widespread misunderstanding about the topic of the target audience, what it is for, and why it is important.

First, let’s eliminate the most common misconception: having a target audience does not mean that said audience is the only one who will buy your book. If you define your target audience as young adults between the ages of 15 and 20, it doesn’t mean you’re actively discouraging people outside that age range from buying your book.

All it means is that you are adapting your writing, your themes, and the aesthetics of your book to make it more appealing to your chosen demographic. It is to ensure thematic focus and aesthetic coherence in your work. This is important because it gives your book its identity.

Mistakes you should avoid if you are going to self-publish your book

4. Thinking that you don’t need marketing to self-publish your book

Marketing is usually one of the topics that authors who are going to self-publish their book have the most problems with. After all, most writers don’t want to become authors for the love of marketing. However, it is one of the essential components to the success of a self-published author.

Unfortunately, we often see writers who only make a token effort to promote their books, or worse, ignore it completely and think that interested readers will find it. While that may be the case for some of them, the vast majority of your potential readers won’t be able to find your book amid all the noise on the Internet these days. Plus, even if interested readers found your book on their own, do you really want to waste the opportunity to sell hundreds of copies with a well-designed marketing campaign?

If you don’t know anything about book marketing, we suggest you check out our guide on how to promote your book. We also have an article on our blog memoir ghostwriting services dedicated to book marketing on social media that you might also be interested in.

Don’t waste time and start promoting your book before its publication! Do some research on your target audience and choose communication channels accordingly. There are several different approaches you can take depending on the context, but the three articles mentioned above will help you get off on the right foot.

5. Assume that people don’t like your book

Sometimes, even if you have put all your soul and love into self-publishing your book, the sales of your works may not go as fast as you expected. Many writers mistakenly interpret this slow start as an indication that their book is a failure, universally hated by everyone, and then give up on writing.

It’s a shame when this happens because most of the time it takes very little to see almost instant improvements in sales numbers. So don’t give up! We are here to tell you that this is perfectly normal and that you should not feel defeated by it. Your book, in all likelihood, is not the problem here. Instead, the problem is often that people simply don’t know your book exists. If you read the previous points we covered in this article, you should already have a pretty good idea of ​​what may have happened and what you can do to fix it.

Usually, the answer is that you need to spend more time and effort on marketing. However, it might be worth asking more people to give you feedback on your book, both in terms of the content and the cover, to see if there is anything you can change to make it more appealing to a wider audience. However, it’s not going to happen overnight, so don’t be discouraged by a slow start. Keep up the good work and spread the word!

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