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.
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 incomeb) Benefit of limited premium paymentc) 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 policyb) Guaranteed increase in sum assuredc) The option to cover spouse in the same policy as yoursd) 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.