Getting married is a major milestone of life. Once the wedding is over, you realise the gravitas of your life-changing decision to get married. It brings with itself a lot of responsibilities in that now you need to care about your partner as an extension of you. It is an even bigger responsibility if you decide to have kids. Being able to provide your family- spouse, children and/or dependent parents - becomes your top priority. You also become conscious of the fact that if something were to happen to you, then your family members would suffer not just emotionally, but also financially - since their major source of income might get compromised. Even if you don’t like to think about death in all its morbid glory, the truth is that life is fragile and unpredictable, and death is an unavoidable eventuality.
While we cannot govern certain things in life, we can make provision to deal with such incidents. Taking a life insurance policy addresses the many responsibilities that come with a family - providing them the financial security which they need even in your absence.
Term Life Insurance plans are plans where the beneficiary of the insured is provided with financial coverage for a ‘term’ or a specific period of time, as the name goes. Upon the unfortunate incident of the death of the insured, the beneficiary can rightly claim the amount invested by the insured. The insured has to pay affordable monthly premiums to keep the term plan going.
Joint life insurance policy
Of course, being able to secure your loved ones financial future is crucial once you get married and/or start a family of your own. In keeping with this, life insurance plans nowadays provide a joint term life insurance cover too. What does that mean?
This unique benefit of joint life insurance policy ensures that you and your partner can draw a policy together. The life cover for your better half continues even if you are not there. All future premiums for your partner’s cover will be waived off. Most such policies will have some specific stipulations. In the case of the PNB MetLife Mera Term Plan, this option is available if your sum assured is more than Rs 50 lacs. Coverage for partner is limited to 50% of your sum assured. If your partner is a homemaker a maximum of Rs 25 lac cover is provided under the joint term life insurance.
It is also imperative that you look at how you are going to provide for your golden years once you get married. Retirement may seem like it is a long time away, but you need to start investing today to be able to reap the benefits after retirement. Certain life insurance plans also have the feature to pay you fixed pensions after retirement so that your golden years are secure. Here’s what you need to keep in mind: the global life expectancy at birth in 2016 was 72.0 years, according to the World Health Organisation. We are going to live far longer than the generations before us did. This life expectancy beyond the working life means that more and more retirees will need to sustain their post-retirement savings over a longer period of life expectancy.
Savings for retirement are crucial now more than ever. Life insurance plans with the personality of a money back plan or a retirement savings plan like an immediate annuity plan which includes the option to have a joint term life insurance is the key.
Getting married is a big step, make sure you also prepare and adjust your financial goals and actions accordingly.
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
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