After being placed with an ideal job, youngsters start planning for their future life ahead. Among these planning procedures, marriage is believed to be the greatest celebration in one’s life. Starting from the budgeting of all the nuptial ceremonies to post-family planning is a list of expenses that the couple and family members need to worry about.
The option to buy life insurance for newly married couples sounds the best to cover the growing expenses. It aids in planning a secure future, especially when the post-marital expenses, such as buying a house, child planning, education, etc., are huge. Let us understand and dive deep into understanding why couples should buy life insurance once they are married.
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Advantages of Buying Life Insurance Post Marriage
Life seems to change drastically after getting married. There are several things which both spouses need to sort out in order to lead a stress-free married life together. One such element is financial stability, as well as the capacity to meet future financial goals.
In such a case, it is best to go for a life insurance plan as soon as one gets married. Read more and know about the benefits of investing in a life insurance policy post-marriage:
- Repaying The Outstanding Loan/Debt
Generally, people plan to settle in their late 20s and early 30s. During this time, few take up loans for different purposes, such as marriage expenditure, car loans, home loans, etc. This adds to the financial burden for both spouses. In case of uncertainties such as death, accident, etc., a life insurance savings plan comes as a saviour for couples. It helps them in repaying the loans or debts without any pressure.
- Aids In Dealing With Post-Marital Expenditures
Expenses no longer remain the same post-marriage. Both responsibilities and expenditures start increasing and adding day by day. Every couple strives to have a perfect house, car, family vacation and other such recreational expenses.
These expenses seem troubling as a major part of the family income channels into them. A planned life insurance policy for newly married couples could neutralise such spending and help plan future expenditures without burdening them.
- Guarantees Steady Monetary Return
Policies now come with a saving insurance plan as well, under which the insured couple gains an additional benefit of receiving steady money returns as per the chosen policy. Moreover, unlike a general life insurance policy, a savings insurance plan grants the option of money withdrawals as well and seems resourceful during times of severe uncertainty or loss of life.
Every couple should therefore plan to buy life insurance as per their respective needs, only through which one would realise the importance of saving early in life for the well-being of the family.
For example, the Fortune Guarantee Plus plan is a savings plan offered by Tata AIA insurance that offers guaranteed regular income on maturity. Similarly, there are several plans offered by other companies as well. Couples can check the plans and decide which online life insurance is best for them.
When Should One Go for Life Insurance Post Marriage?
There is no particular age or year in which one should buy life insurance post-marriage. In fact, this decision solely lies in the hands of the couple. Then, based on their personal financial situation and capacity, they can take life insurance when suited.
However, ideally, it is advised to buy at the earliest or immediately post-marriage. Starting young gives an edge over the benefits gained to elderly couples. Being young, one can cover their entire family at affordable premium rates. Moreover, as young couples are not prone to any diseases, they can get a better protection plan.
What Type of Life Insurance Policy Covers a Husband and Wife?
- Term Plans
Term plans are one of the best alternatives for a newly married couple. Both the husband and wife can purchase a term insurance policy and enlist each other as nominees in the plan. This creates effective financial security for either of them in case the other dies. Term plans also come with special categorical covers and are one of the cheapest when compared in terms of the premium paid and benefit received.
- Traditional Insurance Plans:
Traditional life insurance for young married couples is one of the best to be considered when planning to buy a life insurance cover. These policies come with special savings plan options as well, which builds better saving habits for the policyholders. Married couples are the most respectful ones for a traditional insurance plan with a combined saving insurance cover since these plans offer guaranteed benefits useful for the entire family.
Conclusion
A well-formulated life insurance policy is a must for young couples, especially in a world full of uncertainties and mishappenings. The emotional loss suffered with the demise of someone is undoubtedly hard to replace, but a good life insurance policy has the potential to at least protect the family from financial downturns. Based on the long and short-term goals the family aspires to achieve, a given life insurance coverage can pay the greatest return to overcome such misfortunes.