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Ref. No. KLI/22-23/E-BB/492
Buying life insurance after marriage is a plan for the family's future. Learn the importance of life insurance to support the idea of purchasing life insurance for married couples.
Marriage is a lifelong relationship where both individuals are reliant on one another on equal basis. Therefore, whether alive or not, you must ensure that your spouse and children are always in a position of financial security.
Since marriage ensures a bright future for your family, it is the ideal time to begin looking for ways to obtain financial security. After getting married, you must buy life insurance because catastrophes and disasters never give you advance notice.
After starting a new chapter in their life, many young couples start buying life insurance after marriage to begin planning for their family’s future. Let’s shed some light on the importance of life insurance for married couples to support the idea of purchasing life insurance for married couples.
The importance of life insurance is something that people of all ages should know. It makes the most sense in buying life insurance after marriage because it will create a corpus for future needs and take care of your family in an emergency. Here are seven reasons why you should buy life insurance policy:
Following marriage, the responsibilities grow, leading to rising costs and potentially high expenditures. Therefore, it is advisable to purchase a life insurance policy that suits you the best. Hence, the surviving partner will have total financial security when there is nobody to take care of them.
Since most people marry in their twenties or thirties, this is also a period of career development, and most people have already incurred the costs of purchasing a car or a home. The remaining spouse will be liable for paying the entire debt if either spouse dies unexpectedly.
The death benefit is paid to the person or entity you choose as the beneficiary of the insurance, not to your estate. This indicates that the money will flow directly to your beneficiaries without having to go through probate or settle any outstanding obligations. Therefore, the payment goes to your beneficiaries regardless of how your estate is managed.
Marriage involves a degree of financial interdependence. By designating your spouse as the beneficiary of your insurance policy, you ensure they will receive all of your financial assets in the event of your passing. The procedure replaces the breadwinner’s income by giving the surviving partner guaranteed benefits, which they can use to pay off debt or cover other expenses.
Everyone has some goals or others. For example, the plan for a young married couple could be buying a new car, a new house, or settling abroad. These goals keep changing, and when a person grows older, they need retirement planning. Life insurance for married couples provides all the benefits to meet their needs.
Medical costs are an essential aspect of life. Make sure your family has enough cash to cover their medical expenses, even after your passing. They can use the sum assured in various ways if you have solid life insurance coverage.
Marriage results in an improved lifestyle where the expenses can be very high, especially for newlyweds. This is the time when they need to have financial security so that unforeseen circumstances do not have an impact on their increased lifestyle.
One of the most significant issues with weddings is the lack of future planning among couples which leads them to financial debt. Therefore, life insurance is the perfect financial safety net that protects you from all the troubles.
Young couples who are not interested in buying life insurance after marriage might be unaware of its significance. But it’s imperative to purchase life insurance after getting married. You must provide for the needs of your loved ones, make investments for the future, and minimize your tax liability. You can do all of this methodically with the help of a life insurance policy. Now that you know the importance of life insurance, you should go online, compare the many life insurance rates, and then buy life insurance appropriate for your needs and those of your spouse and children.
Ref. No. KLI/22-23/E-BB/2435