If you’re planning your finances or estate in 2025, a life insurance policy should be a top priority—especially if you don’t already have one. Life insurance offers a range of benefits that can provide financial security and peace of mind for you and your loved ones. Othneil Blagrove, Senior Manager of Sales and Marketing at JN Life Insurance Company, shares five compelling reasons why life insurance should be part of your 2025 planning.
1. Reduces Financial Burden
“Having life insurance reduces the burden of taking care of your medical costs and provides your family with funds in the event of your demise,” says Blagrove. “These funds can be used to finance your final rites or support loved ones after you are gone.”
He highlights policies like family indemnity plans, which allow you to put funds aside for final expenses for yourself or a family member. “It covers up to six people, including you, your spouse, children, and in-laws,” he explains.
2. Coverage for Chronic and Terminal Illnesses
“Life insurance companies offer critical illness policies that provide coverage if you’re diagnosed with a major illness, such as a heart attack, stroke, or chronic kidney disease,” Mr Blagrove notes.
He explains that JN Life Insurance covers 13 critical illnesses which includes a recurrence benefit. “This means that even after the initial payout, you are still covered if you’re diagnosed with a critical illness again, as long as your premiums are paid,” he notes.
3. Builds Generational Wealth
Blagrove emphasizes that life insurance is a powerful tool for building generational wealth. “Insurance plans, such as term plans, can protect families in case of the death of the primary income earner. The wealth passed on to the next generation is safeguarded because the death proceeds from the policy can be used to cover final expenses, ensuring assets are preserved for beneficiaries,” he says.
He adds, “Critical illness plans also protect families financially by covering major illness expenses, reducing the burden of extra costs on loved ones. Overall, life insurance is essential because it prevents families from being overwhelmed with huge expenses during unfortunate circumstances.”
4. Provides Support for Families
Not all life insurance policies focus on major illnesses; some are designed to support families in the event of untimely death or other unfortunate circumstances. Blagrove explains that policies such as term, whole life, and universal plans are tailored for these situations.
“For example, a term plan offers life insurance coverage without investment benefits” he says. “JN Life offers a unique term insurance plan with an investment component. When the term plan expires, the accumulated investment can assist clients with financial needs at that time.”
5. Supplements Retirement Savings
There are policies that carry an investment component, Mr Blagrove points out, serving as an effective tool for supplementing retirement savings by offering investment opportunities in equity, debt, or balanced funds. With the potential for higher long-term returns and the power of compounding, even small, regular contributions can grow significantly over time, he says.
As Blagrove points out, life insurance is more than just a safety net; it is a valuable financial tool with long-term benefits for you and your loved ones.
