The possibility of marriage in near future is enough to increase the financial responsibilities on you. Therefore, you must have a strategic financial plan in place to minimise or rather segregate the burden. One approach towards achieving financial security would be to purchase a life insurance policy.While budgeting, creating emergency funds, and other approaches are also necessary for young married life, buying life insurance would help augment your finances for the journey ahead. If you’re still contemplating, here are some reasons why individuals getting married must immediately get a life insurance policy on board:
- Cost of Living
Before getting married, you would need to save up a sizeable portion of your income to meet the lifestyle expenses as a couple. The best approach towards the same would be to purchase a life insurance plan well in advance that will allow you to save a decent sum of money in the form of tax deductions on the amount paidas premium under Section 80C of the Income Tax Act.
Marriage radically changes your financial relationships; thereby making way for debts in the form of personal loans, home loans, credit card bills and more. With life insurance in place, you can create a contingency plan for any eventuality, where the debt obligations might fall on to your partner. With the life cover amount, your spouse can do away with the looming debtsin your absence.
- Lifestyle Changes
Your lifestyle changes considerably after marriage. Hence, it is essential that you start working on maximising your savings as soon as possible. Life insurance plans such as ULIPs help you do exactly that by offering an opportunity to earn market-linked investment benefits along with tax savings and life cover. Overall, these benefits of ULIP plans can help you take care of the different lifestyle considerations arising out of a marriage, through long-term investments and short-term partial withdrawal benefits.
- Future Plans
Getting married is only the beginning of a long,fruitful life journey that has a fair share of ups and downs. Therefore, planning for the future is of paramount importance. A life insurance plan, especially ULIP can help you lay the foundation of a financial future through wealth creation. With the corpus; therefore, you can meet your plans such as child education, loan repayment, retirement savings, and more. A life insurance plan is your safety net for your future.
- Being the Early Bird
The tricky thing about life insurance policies is that the premium rates increase with age. Therefore, the best approach towards buying life cover would be to get one at an early age; thus, saving a sizeable amount on premiums. Even when you are opting for pure life insurance products (e.g. term plans)from reputable insurers such as Max Life Insurance, be sure to purchase the same at an early age when susceptibility towards ailments is less.
Getting married is the most important and perhaps the most exciting adventure you can embark upon in your life. However, the prospect of life afterwards, could be quite stressful and uneventful, if you miss out on planning your finances. Before tying the knot; therefore, you need to make sure that you have enough savings and have invested those into market-linked instruments to augment your income. You would also need to secure your family’s future with a comprehensive life insurance policy. While it is advisable to select between the best ULIP plans that suit your requirements,it all comes down to your preferences in regards to the overall policy alignment.