Short Term Disability Insurance - Short term disability insurance is a type of insurance plan designed to compensate for the lost income due to a disability
Buy a term plan and secure your family
When you are young, it can be quite a stressful period on several fronts. You are trying to rise in your corporate career, and the process comes with its own share of learnings, setbacks, challenges and so on. At the same time, a sense of loneliness also creeps in, and people start looking for options to settle down. The natural tendency is to think about marriage, and starting your own family. If nothing else, it becomes the anchor point that keeps a person motivated, and working hard each day.
However, being a young parent is probably one of the hardest challenges out there. For the first time in your life, you are thrust with the direct responsibility of at least two individuals, i.e., your spouse as well as your offspring, or children if they are in the multiple. While the emotional maturity that is required to handle the situation develops over time, there are also financial considerations that need to be taken care of. While you are a bachelor, or an early career professional, there are relatively lesser responsibilities. Family, as well as your society, gives you the leeway that is required to struggle in your own career, so that you may find your own path, and build your life accordingly. However, this period is bound to end eventually, and at a time close to your 30s, the responsibilities will only start increasing for the better. Consequently, subscribing to a term life insurance is the best decision for someone at this stage.
Among the various options that are available, buying term insurance at this stage can be a valuable investment. This is in contrast to life or health insurance, or other asset related insurance policies, such as property insurance, or car insurance. Assuming that this is roughly the time around when one is 30 or so, term insurance is a good fit for the requirements at this stage. This is unlikely to be the time when the person has accumulated substantial savings to allow him to purchase his dream car, or the house that they wish to settle down in. That process is totally underway at this point in time, and it does not make sense to start worrying about that at this stage. At the same time, life can have its fair share of unpleasant surprises. Youth is not necessarily a guarantee of health, and young parents may develop health conditions owing to stress in their careers, anxiety, or other work related tensions. While it is expected that they are financially literate enough to manage the situation, by taking loans, or availing other options if required, the situation can turn bad if it results in the death of a parent. An infant child has to be taken good care of, and the upbringing that they get at this stage will determine the personality that they develop over the rest of their lives. In case a young parent faces a life-threatening situation or illness at this stage, there should be no laxity regarding the financial coverage for their spouse or for their junior dependents.
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Prioritizing a term life insurance can be one of the smartest decisions that you make, not just as a young adult, but also as an early career professional. This is a period of transition, when you are entering into full-fledged adult life, as well as making choices that will determine the lives of the people around you. While the earnings and savings might still be at a premature stage, having a good affordable cover in the form of a term insurance is a wise choice.