Got a job? How about buying life insurance now?
PNB MetLife 04-03-2016 12:41:39 PM
It is often said that money cannot buy happiness. That may well be true – but money can certainly buy the things that secure the future of our loved ones.
Now that you have a job, a new world of responsibilities will soon open up for you. While you may revel in your financial freedom and cherish the opportunity to support your parents, there is another aspect you should now be training your sights on. This aspect pertains to your own financial future.
You may be single and unattached today. But in the days to come, you might think about getting married and starting a family. On the side, you might wish to add to your parents’ savings fund. These are admirable decisions – and yet, there is something even more important that you should be investing in first: your life and the future life of your loved ones.
You can do this by purchasing life insurance.
Why purchase life insurance?
A growing number of young and upwardly mobile Indians are turning to life insurance as an assured safety net for the future. As per a research paper published in the July 2013 issue of International Multidisciplinary Journals, author Nisha K Sharma opines that ‘the growing influence of life insurance in the country can be attributed to a large middle class population that earns well, and an increased awareness of the benefits of life insurance and related investments’.
While financial emergencies might seem to be a factor in the very distant future, it is prudent to consider purchasing life insurance at the current moment. It takes only a few minutes out of your busy schedule to purchase life insurance that includes your entire family. For those opting to take insurance, it is advisable to invest in term plans at a low premium – these provide a high pay-out on termination. Term plans are popular among younger age groups because their low premium payments make them an affordable insurance option – while providing a high life cover.
Term plans protect your loved ones against financial uncertainty brought on by hospital bills or your unfortunate disability or demise. Even when you are absent in their lives, your family can continue to sustain itself without depending on anybody outside the home.
The only constant in life is change. It is impossible to predict what the future will bring. So whether you are physically present in the future or not, this one step you take today – of taking a life insurance policy – will ensure that your family continues to have a secure, peaceful future.