Say “I Do” to Life Insurance
Planning to tie the knot? We are sure that many of you are saving up for your dream house, car or even to start a family. These aspirations might prevent you from spending a little more on life protection. But, in reality, a life protection plan is key to protecting these milestones.
So how do you find out which policy is the right fit for you and your partner?
Finding the Right One
We know deciding on a life insurance plan can be a daunting task, especially if you and your partner are fresh out of college. Talk to a financial consultant about the best kind of coverage to buy, based on your obligations and income.
It could be a term life insurance, which lets you decide the payout amount and length of the policy. Or it could be a permanent life insurance, which lasts your entire life and builds cash value. A joint life insurance would be a safe bet because it covers both you and your partner under one policy, while letting you enjoy greater savings together.
Protecting your Needs
A joint life insurance plan ensures income replacement so that neither you nor your partner is left in the lurch and unable to maintain your family’s lifestyle should something unforeseen happen like accidental death. How does this work? Some life insurance plans increase your Initial Basic Sum Assured according to a pre-determined percentage whenever you reach certain milestones, for example, upon graduation, marriage, the birth of a first child; or the purchase of your first home. These guaranteed increases help either partner to continue sustaining the family in the event that one meets with an unfortunate accident.
Couples that Budget Together, Stay Together
Life insurance rates get more expensive with each passing birthday. And you never know when you might develop an illness, which could lead to higher premiums when you finally decide to buy a life insurance policy.
Taking a life insurance plan sooner, rather than later, means you will pay lower premium rates. Ultimately, purchasing a good insurance plan will strengthen your vows to protect each other, helping both of you to always be there for one another, through thick or thin.