WHICH LIFE INSURANCE SOLUTION CAN HELP ACHIEVE YOUR GOALS?

Your need for life insurance changes as you progress through life. You start working, get married, have children, watch them grow and then eventually, you retire. Whichever way you look at it, it’s important to secure important days like these so that you can focus on what really matters - making good memories.

We have broken down each life stage into categories that you can identify with.

• Young and single: As a young adult, you start your career and become financially independent. At this point of time you may think that you don’t need insurance. But, if something were to happen to you, your family could encounter financial hardships. You would have dependents like parents. So it is ideal to buy life insurance at this stage of your life, since the premium rates would be lower.
  
  If you have any debts (like a home loan) you should consider purchasing enough life insurance to cover these expenses. The best option here would be to buy a Term plan with a longer payment term (like 20-30 years).
  
  The basic wealth management principle says save before you spend. It is the stage where you are single and can save for your future. If you want to save for the future, you can choose to invest in a ULIP plan. ULIPs provide benefits like market linked growth, life cover and some plans also provide capital protection (so your investment is always secure).
  
  

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• Recently married: Recently married couples typically don’t have any specific urgency to buy life insurance. If both spouses are working and contributing to household finances and don’t have any debts, then the demise of any one person would be a big emotional loss but would not financially affect the other in a big way.
  
  This situation changes once you have financial responsibilities like a home loan. Even if both spouses have good salaries, the burden of the home loan may be more than the surviving spouse can afford on a single income. Other debts and expenses can further contribute to the financial strain.
  
  To make sure either spouse can carry on financially after the death of the other, both should purchase life insurance with a big life cover. At the very least, it will provide peace of mind knowing that both you and your spouse are protected.
  
  Again, your life insurance needs increase significantly if you are caring for an aging parent. Life insurance becomes extremely important in these situations, because these dependents must be provided for, in case you are not around.
  
  The savings angle comes in at this stage as well (actually it applies to every stage in life). If you have financial goals like a car or a house or an exotic vacation, it always makes good sense to plan and save for it. Ulips can be ideal instruments to secure long term financial goals.
  
  

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• Married with children: At this stage of life (family), the requirements change to saving a substantial amount to secure your children’s welfare like a good education or marriage. A unique concept available with life insurance plans is the option to save for your child’s future. With these policies, in case of death of the policyholder (the parent) the policy continues – the insurance company pays the premium and the child gets the accumulated fund value at the end of the policy term.
  
  It is also important to start saving for retirement at this stage, considering the ever-increasing rates of inflation, since this will affect your purchasing power in the future. With a good retirement plan, you can get a regular pension for life and can do this by investing a small amount regularly to secure your golden years. In case of some retirement plans, in case of your death, the same regular pension will be provided to your spouse and upon death of your spouse, the legal heir will get a lump sum payout.
  
  

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• Nearing retirement: Your priorities change again when you get closer to retirement. At this stage you will have fewer dependents, your debts would have paid off and you would have accumulated substantial financial assets. Here, your need for life insurance protection will reduce and having a comfortable retired life will become crucial.
  
  

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  Remember this: It’s never too late to start. So if you have not planned yet, don’t worry – start today and secure your future. Invest in life insurance and always revisit your plan every time you pass through a major life stage (marriage, children and retirement). Do check out our financial calculators that can help you understand and arrive at the correct amount of life insurance you need at every life stage.
      

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