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Should You Buy a Life Insurance Policy After Marriage?

dateKnowledge Centre Team dateAugust 02, 2021 views214 Views
Life Insurance for Married Couples | Buy the Best Life Insurance Plan in

Financial debt is one of the challenging aspects to manage when it comes to a wedding. However, beginning a new chapter of your life brings in the need for responsibility. “Bigger the responsibilities, greater is the need to buy the best life insurance plan.” A lot of couples do not consider buying a life insurance policy after marriage. There could a plethora of reasons for that and one of them is lack of awareness on life insurance, couples often take a backseat. On the other hand, buying a life insurance after marriage is a necessity.

It is important to have your financial cushion ready to deal with the any unfortunate event. If either of the spouses passes away, the best life insurance plan is a way to have a financial protection.

Let us discuss the value of a life insurance plan for married couples to reinforce the concept that life insurance is a must after marriage.

7 Reasons for Buying the Best Life Insurance Plan When you Marry

When two people marry each other, their lives become one. But after all the celebrations, there's one more thing to consider: financial security. Life insurance is a safety net since it offers various advantages. The best life insurance plan will create a reserve for your future needs and provide for your family in case of an emergency.

Let's look at why you should buy a life insurance plan after marriage:

1. Rise in Expenses

Due to additional obligations, there may be a significant surge in expenditures after you get married. You no longer live as a single individual as you have a partner to take care of. If you decide to have children, your expenses may rise even more.

Buying the best life insurance plan after marriage offers you and your family – a complete financial stability.

2. Repayment of a Loan or a Debt

A majority of individuals marry in their late twenties and early thirties. Couples at this age are more likely to take a loan as co-applicants to buy a vehicle or a property. If either of the spouses pass away accidentally, the surviving partner will be responsible for repaying the entire debt load.



This may cause a lot of strain on the surviving partner, and your home may have to be given away. A life insurance policy can provide coverage in the event of an emergency.

3. Find the Right Balance between Insurance and Investment

Besides protecting your family in the event of an emergency, life insurance is an excellent way to diversify your financial portfolio. For example, money-back plan, endowment plan, and guaranteed savings plan provide fixed returns after a certain period and may be utilized to fulfill different purposes.

4. Accelerate Future Planning

We all have some life objectives for which we save money. For a newly married couple, it may be purchasing a home. However, as soon as they choose to start a family, the objective switches to preparing for their schooling to marriage.

Retirement planning becomes more important as one gets older. Life insurance provides benefits to satisfy the requirements of people at different stages in life.

5. Prepare for Emergencies

Financial interdependence is a part of marriage. By choosing your spouse as a beneficiary in your life insurance policy, you ensure that your partner will be financially secure if something happens to you.

Insurance cum saving plans substitute an earning individual's income by providing a guaranteed payout to the surviving spouse, which can be used to pay off debts and cover other obligations.

6. Create an Inheritance for your Heirs

If you don't have any possessions to leave for your heirs, you might start by buying the best life insurance plan and designating them as beneficiaries or nominees. The death benefits are paid out to the nominees after the policyholder’s death.

Here’s why you should plan a legacy for your future generations.

7. Protection for your Lifestyle

Will you be financially secure if you or your spouse suffers from a long-term sickness or permanent disability and cannot contribute to the family finances before?

Most likely, the answer is NO!

In this instance, though it may seem that you are defying destiny, any insurance coverage you choose should preferably include disability cover. Your employer may sometimes provide such coverage, but it is unlikely to meet your monthly expenditures, much alone finance your lifestyle. Thus, you need to buy the best life insurance plan to lessen the stress of paying your monthly expenses.

Now that you know why you should buy a life insurance plan after getting married, let's look at some plans you can buy!

Life Insurance Plans by Canara HSBC Oriental Bank of Commerce Life Insurance

You can choose from a wide variety of life insurance plans covering different needs and financial goals. Choose a life insurance plan as per your goals for a secured future. Here are life insurance plans that can be a boon for you!

1. Guaranteed Income4Life Plan

Buying the best savings plan that offers guaranteed returns is a wise financial decision. Such a savings plan will help you strategise your financial goals and you can achieve all of them without much hassle. Here are a few benefits of this plan:

a) Assurance of guaranteed regular income
b) Benefit of limited premium payment
c) Guaranteed loyalty additions for existing customers

2. iSelect Star Term Plan

You can buy this online term life insurance plan with return of premium option. A term insurance plan helps you protect your family from any financial shocks. Some benefits of iSelect Star Term Plan are:

a) The benefit of returns on premium paid if you outlive the policy
b) Guaranteed increase in sum assured
c) The option to cover spouse in the same policy as yours
d) Option of limited premium pay

Buy the best life insurance plan and step into your happy married life securely. Having a financial safety net becomes extremely important with growing responsibilities. Assess your financial goals and requirements and choose a life insurance cover to shield yourself and your partner from the uncertainties of life.

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Frequently Asked Questions (FAQs) Related to Life Insurance Policies

The premium is one of the most important factors to consider before buying a life insurance policy. Many people buy a life insurance policy with a high sum assured but are unable to process the premiums for the entire premium payment tenure. You can get a better idea of the premium outgo with the premium calculator available in the 'Tools and Calculator' section of www.canarahsbclife.com.

Life insurance plans come with several riders which increase the efficiency of the policy for the buyer. For instance, if you have a history of terminal illness in your family it would be advisable to opt for terminal illness rider with your term insurance plan. Riders or add-ons help in customising the standard policy benefits for the requirement of different families. The iSelect term insurance plan comes with a built-in cover for terminal illness, and option for protection against accidental death or disability. You can also opt to cover your spouse's life under the same policy by paying an additional premium.

Life insurance companies calculate the premiums based on several factors such as age, gender and occupation.

Age: It is one of the biggest factors that influence life insurance premiums. Premiums tend to be low when the life insured is younger as the chance of contracting diseases is low. Young people also opt for the best life insurance policies with longer tenures and pay premiums for a longer duration, which makes the policy cheaper for young people.

Gender: The insurance premium for women is generally lower when it comes to life insurance plans. Women live longer and pose a lesser risk of a claim leading to lower premiums for them.

Lifestyle habits: The premiums for people who smoke or drink is always higher due to higher health risks.

Policy term: Policy terms are also taken into consideration by insurers while deciding the premium amount. Life insurance policies with longer tenure are cheaper as compared to short-duration policies.

Mode of purchase: The platform that you use to buy the best life insurance policy also determines how much you will have to pay for the plan. People who buy life insurance policies online have to pay lower premiums as compared to offline policies.

Occupation: The nature of your work is an important factor that influences the premium amount. Certain occupations like shipping and mining are considered more dangerous as compared to jobs in services industries. The insurance premium rises with the risk profile.

Processing life insurance claim is a transparent and smooth process with Canara HSBC Oriental Bank of Commerce Life Insurance.

In case of the death of the life insured, the nominee will have to intimate the company by filling a Death Claim Form and sending it to the nearest branch office.

Once the form is received, the claim is registered by the insurer.

After the registration of the claim, the company will send the claims pack along with the related forms such as physician’s statement form and employer certificate that need to be filled.

Along with the duly filled forms a few documents such as original [policy document, death certificate, copy of bank passbook, hospital or treatment records, photo identification and address proof have to be provided.

The claim is processed on the submission of relevant documents. Once the documents are verified, the claim amount is released post all due diligence.

Household expenses rise with age. The cost of children's education increases along with other lifestyle expenses. The iSelect term plan offers an option to increase the cover according to the life stage. If opted, the insurance cover increases by 25% at every 5-year terminal till the 20th policy year.

Even though a life insurance policy is bought to protect your family in your absence, there are chances of the claim being rejected due to several factors.

False information: If the policyholder provides false information or conceals important information while buying the life insurance policy, the insurer has the right to reject the claim after his/her death.

Type of death: Deaths due to suicide in first policy year, intoxication or pre-existing disease is not covered under life insurance plan.

Premium payment: The payment of premiums on time is of utmost important to avail the benefits of life insurance. Life insurance policy may lapse on the failure to pay the premiums

Nominee details: A life insurance company can put the claim on hold if the nominee details have not been filled or not been updated by the policyholder.

Suicide: If the life insured commits suicide within 12 months of buying the life insurance policy, the insurance companies generally pay 80% of the total premiums paid.

Buying the best life insurance plan online is not only safe but a better option. Online life insurance policies have lower premiums and the individual is not required to visit the insurer's branch or a bank. The best life insurance policies online insurance offer higher benefits. Customers should, however, buy online life insurance policies only from credible insurers and should check for SSL certificate on the website to ensure that the website is legitimate.

The cost of life insurance policies varies depending on factors like age, gender and occupation. The average cost of life insurance plans, especially term plans, is very low compared to the amount of coverage offered.

An individual is allowed to have multiple life insurance policies. People opt for more than one life insurance policy to increase the cover or avoid claim rejection. In case of multiple life insurance policies, even if the claim is rejected by one insurer, the beneficiaries may receive the benefit from a different insurer.

Life insurance policies are of different types. In case of unit-linked or endowment policies the policyholder receives the maturity benefit at the end of the policy term. However, in the case of term insurance plans, there are no maturity benefits. The death benefit is only paid out after the death of the life insured.

When you buy a life insurance policy, the insurance company asks for the nominee details. Only the person named as the nominee in the life insurance plan can cash out in case of death of life insured.

A life insurance policy is generally taken for a specified period. After the policy duration of a term plan gets over, the policy simply terminates and ceases to exist. However, in case of unit-linked plans or endowment, you can use the policy as a tool for retirement planning and the accumulated corpus is used by the insurer to pay you monthly amounts for your entire life.

If a policyholder purchases a term plan for 25 years and dies during the policy term, the beneficiary receives the death benefit. In case of iSelect term plan, the policy provides four payment options to the beneficiaries. If the regular payment option is chosen, the policy works as a source of regular income.

It is a popular misconception that life insurance plans are only for accidental deaths. A term life insurance plan like iSelect Star Term Plan also covers terminal disease along with death. A terminal illness cover is important as health insurance pays only for the cost of treatment and hospitalization, but a terminal illness cover pays you a lump-sum amount which takes care of other expenses. On the other hand, unit-linked policies such as Invest 4G cover death and also provide decent returns for other financial goals such as buying a house of child's education.

It is ideal to buy a life insurance plan in your early 20s because it is the time when people have just started with their professional life and so there are lesser responsibilities and financial liabilities to take care of. Also, if you buy the best life insurance plan at this age, you will be paying relatively lower insurance premiums since it’s a due fact that mortality rate in case of young people is low. And that is why life insurance companies offer lesser premium rates to younger people as they think that they are most likely to be fit and healthier with less chances of filing a claim in future.

Once you have cancelled your life insurance policy, you will instantly lose your life insurance cover. Afterwards, your insurance company will get in touch with you and ask for valid reasons regarding the cancellation of your policy. In case you cancel your life insurance policy within the grace period, i.e. 15 to 30 days, depending on your insurer, then insurance company will reimburse the premium amount paid by you. But, no refunds will be paid to you if the policy is cancelled after the grace period.

Yes, you can take life insurance under Married Women’s Property (MWP) Act, 1984 only if you are a married man and a resident of India. Buying a life insurance plan under MWP Act would be helpful in saving your family’s financial well-being when you are not around. As per this policy, only wife and children would be eligible to receive the death benefits. You can also buy a policy if you are a widower or a divorcee. However, in that case, you can give your child’s name as your beneficiary. It is very simple to buy a life plan under MWP Act. All you need to do is to fill up an MWP addendum while purchasing an insurance policy.

Yes, there are different payment options for you to pay premiums. Here’re some of them

    1. Regular premium payment option – This premium payment option allows you to pay premiums equal to your policy term either monthly, quarterly, half yearly or annually.

    2. Single payment option – Through this premium payment option, you can pay the lump-sum amount in one single payment.

    3. Limited payment option -In this premium payment option, you can pay premiums for a specific period of time less than policy term either monthly, quarterly, half yearly or annually, but benefits of insurance can be enjoyed for a longer period of time.

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