Mother’s Day 2023: Why is insurance the best financial gift for her?
How do you plan to wish your mother this Mother’s Day? Mother’s Day would be observed on May 14 this year. Apart from the gifts and flower bouquets that you might consider gifting, why not buy her insurance to secure her health and future in the long run? It’s not surprising to consider gifting insurance to your mother. After all, she keeps track of the family’s daily finances to ensure the financial well-being of everyone in the family.
If you are still questioning why you must gift an insurance policy to your mother, ask yourself, “Why not?”. Doesn’t she face similar risks to her health and life as others? What if she suddenly falls ill or is diagnosed with any life-threatening disease? Is the family health insurance coverage enough to pay for her hospitalization and medical expenses if and when the need arises? Our mothers are financially prudent, yet they are either uninsured or underinsured.
Insurance is a must-have option for mothers if they are looking to secure their future. Unfortunately, not too much emphasis is laid on educating mothers about their need for insurance.
Why opt for health insurance?
Medical costs are getting expensive, which means spending on critical illnesses can deprive you of your lifetime earnings. It makes sense to invest in term plans that include critical illness coverage, thus, allowing them a lumpsum payout on being afflicted by any of these medical disorders. The coverage amount helps to manage bills while undergoing treatment.
Why buy life insurance for her?
Flowers and gifts are passé. This Mother’s Day, buy her an adequate life insurance plan. Every mother must have a life insurance plan in place though the need is mostly felt among single mothers. The latter must acquire enough life insurance as a safety net to ensure protection against life's unforeseen events. Apart, it enables one to leave a legacy for their children while also providing them with the financial security they need to continue forward in their lives.
Help her save on taxes
Does your mother know enough about tax savings? Aside from financial security, buying a life insurance policy that allows the exempt-exempt-exempt (EEE) benefits help one maximize tax savings and accomplish financial goals, making it an incredibly effective investing alternative.Life insurance policyholders benefit from EEE status that underlines how the initial investment, interest earned or paid out, and maturity value are all tax-free.
The best way to choose a life insurance policy is to first check if it covers your entire family adequately. Choose an appropriate insurance cover. Then, checking for other parameters including the policy needs and other elements such as income sources, dependent members, debt, and liabilities becomes pertinent.
Similarly, decide which health insurance policy or critical illness insurance plan you wish to buy for her. Know her vulnerability to certain illnesses, the existing cover amount, and other factors before realizing which policy would suit her best.