Buy a term plan and secure your family
Once you’re married, there is a sudden increase in expenses because the responsible gets increased by time. You can’t live like a single person anymore. The expenses might also increase in case you are planning to have children. Thus, any kind of loss will lead to a debt ridden life. Lack of awareness among the young generation is the reason why they don’t buy a term insurance after marriage. However, buying term insurance policy after marriage is a must. You know why? Life is uncertain, emergencies and problems do not come with prior warning. God forbid, if something happens to either of the spouses, adequate term insurance is the only feasible option that can safeguard you from the emotional as well as financial trauma. If you want to know more term plan, read this article further.
Term plans also referred to as a protection plan. An adequate term plan offers financial security to the beneficiary(s) or nominee(s) in case something happens to the insured during the policy term. It is a type of life insurance policy that provides coverage for specific terms of years or a certain period. The insurance company provides compensation in terms of lump sum amount to the beneficiary as a death benefit if the insured dies.
One of the significant benefits of the term insurance policy is then it is less expensive when compared to other types of life insurance policies. They come with a low premium but offer wider coverage that makes it an excellent choice for a married couple. The only setback of a term plan is that it doesn’t come with a survival/maturity benefit.
Most of the people usually get married in their late 20s or 30s. At this age, they end up opting for various types of loans to meet their various personal needs – be it home loan, car loan, etc. In case of untimely demise of either of the spouses, making the loan repayment or repaying any other outstanding debt can increase the financial distress of the surviving spouse. This can certainly increase a lot of stress. This is where the term insurance plan comes into the picture. An ideal term plan continues to offer financial support to your spouse even in an event of your untimely demise. The money from a term plan ensures that not only the regular expenses of your partner covered but also major expenditures like loan repayments, child’s higher education are covered.
Well, there is as such no age limitation on buying term plans after marriage. But, it is ideal to purchase a term plan when you are young or just immediately after your marriage. Opting for a term plan at an earlier age will ensure that your loved ones are covered at affordable premium costs. Reason being, you and your partner at a young age are less susceptible to disease when compared to elder couples. So, opt for a term insurance plan as soon as possible to get it at an affordable premium cost.
A term insurance plan provides wider coverage at the lowest premium. Meaning that after offering for the high amount of financial security, you will still have an enough amount to invest for your future. What’s more, your spouse will not have to dig into your accumulated savings to fulfill his/her financial needs even in the unfortunate event of your sudden death. That makes it important for every people to buy a term plan after marriage since it ensures the financial stability and security of your spouse in your absence.