It’s not about greeting cards or plush toys on St. Valentine’s Day; in fact nothing says that you care for your loved ones like ensuring that you have life insurance coverage to battle any contingency that life throws your way. While we would obviously not choose to dwell on what most people consider morbid – disability or death – the truth is, it is reality, and it is something that we all have to deal with at some point or the other. So instead of pushing the thought away, how about considering insurance for yourself as well as your loved ones? If you’re unsure of which is the best life insurance policy for you, read on to know why having life insurance is so important, whatever life stage you may be at.
Contingency planning – It’s quite simple: you can never tell what happens when and just how severely you may get impacted. In an unfortunate event, an individual can wind up with partial or full disability and in such instances, even holding down a job may be impossible. To plan for the family therefore, a good life insurance plan is what is required.
In addition, do consider what would be the best health insurance plan for you, because hospitalisation does not come cheap, and instead of scrambling around for funds, it is best to insure yourself and take care of any unforeseen circumstance.
Building blocks for the future – When you choose the best life insurance policy remember to keep in mind that you can use this as an effective tool to plan for the future as well. For instance, if you have an expense such as a child’s higher education or marriage coming up some years down the line, consider availing of a money-back policy. These plans offer you the security of life insurance, and at the end of the policy tenure, as the name suggests, return your money, which you can time to take care of your expenses.
Of course, do remember that the primary purpose of life or health insurance is to cover yourself and possibly your family (or at least provide for them), in the event of disability or death of the policyholder. Hence when choosing the best life insurance policy, ensure that it meets your requirements and is not merely a plan you choose at random.
Death should not be the end – While this is an unfortunate reality, remember that it is well within our power to ensure that while our loved ones may be crippled emotionally for a long time to come, it need not be so financially at least. Hence, as a responsible individual choose a life insurance plan that helps your family after you are gone. A term assurance plan is one such solid product that pays out the sum assured on the death of the policyholder, which is offered to the nominee on the policy. This money can then be used as the family deems fit, whether to purchase a home, pay off existing loans or save up a nest egg towards the future, or even plan a child’s marriage long after you are gone.
Retirement planning – When you are in your 20s and 30s, retirement indeed does seem to be a long way off. But before you know it, you’ll not just be past the new jobber stage, but are likely to wind up being halfway through an active career before retirement planning hits your mind. As we age, medical costs shoot up, and hence having the best health insurance plan becomes important. This takes care not only of medical expenses but also covers the policyholder across certain critical illnesses, depending on what type of insurance coverage you choose. Reason enough then, to be able to sit relaxed and stare into the sunset, by buying insurance.
Peace of mind – Last but not the least, very importantly what you get when you avail of the best health insurance plan or life insurance policy is some well-deserved peace of mind. This is because once you and your loved ones are taken care of financially; there is nothing else that can compare to the feeling, especially when you plan ahead for a secure future in your absence.
It is very important to have not just health and life insurance protection at all life stages, but it is equally important to be adequately insured. Using various online tools and calculators, you can work out what plan meets your requirements and take the first step towards being financially secure.
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