Becoming a Parent: Ensuring Your Child’s Bright Future
One of the happiest moments in a person's life is when they become a parent. While being exhilarated is natural, it is crucial to understand that a child comes with a heavy financial commitment. As a parent, it’s your responsibility to ensure that your child is financially protected in your absence.
Once you become a parent, you must provision for enhanced life insurance coverage to include your newborn. You must take steps to protect the financial well-being of your child, their education, and marriage with adequate life insurance coverage. Your child is going to thank you for this when they grow up.
Buying a Home: Covering Loan Liabilities
Buying a house is the dream of every Indian, but a loan is something we are all scared of. “What if something happens to me before I pay off the loan?” is something everyone thinks of. In that case, Life insurance can be a game changer. When you decide to buy a home on a mortgage, your outstanding financial liability goes up due to the loan amount. Having Life insurance here will help you make sure that even if something happens to you, the economic burden of repaying the loan amount doesn’t affect your family’s well-being.
To make sure that your family can pay off any bills that are still due, you should increase the amount of money that is covered by your life insurance plan. This will help them pay off things like the remaining loan dues, property maintenance fees, property taxes, etc.
