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Ref. No. KLI/22-23/E-BB/492
Considering life insurance that will pass on to your kid ensures long-term financial security, simplifies coverage management, and provides peace of mind for your family's future.
When it comes to life insurance, one common question that arises is whether you should purchase a policy that can be transferred to your children. This concept can be appealing, especially for parents who want to ensure their children are financially protected. But is it the right move for you? Let us dive into the pros and cons and see reasons to buy life cover that passes on to your child.
Getting a good life insurance policy is a must for anyone who wants to make sure their loved ones are taken care of in case anything happens. When you are thinking about buying one, it’s important to consider a few key factors to find the coverage that best fits your needs.
Life insurance is a safety net for your loved ones. If something unfortunate happens to you, it ensures your family members, dependents, or beneficiaries receive a lump sum amount (sum assured). This money can help replace lost income, pay off debts, cover daily living expenses, and maintain their standard of living.
A life insurance policy can cover any outstanding debts you might have, like mortgage payments, personal loans, or credit card bills, so your family doesn’t have to shoulder those financial burdens. This way, they will not inherit your financial liabilities and can stay financially stable during tough times.
Life insurance payouts can help cover crucial future costs, like your children’s education or wedding expenses, ensuring your financial plans for your loved ones are fulfilled even if you’re not there to support them.
Life insurance is super important for business owners or partners because it helps keep the business running smoothly if something happens. It can provide the money needed to buy out a deceased partner’s share or cover the loss of key employees who are vital to the business’s operations.
Introducing a groundbreaking plan, the first of its kind in the industry enables you to seamlessly transfer your policy to your child at no extra cost. This innovative offering includes essential features sought in a life insurance plan, including guaranteed premium return and tax advantages, ensuring comprehensive financial security and flexibility for your family’s future.
Life insurance policies extending your child’s coverage offer unique advantages, providing financial security and flexibility across generations. Here are five compelling reasons why such policies are beneficial:
With life insurance plans that extend coverage to your child, you pay a single premium that takes care of both you and your child. This way, both generations are protected under one policy, making it easier to manage and providing comprehensive coverage for everyone.
These policies typically provide higher coverage options for women, catering to their specific needs and ensuring they have the proper financial protection tailored to their circumstances.
Another big perk is that you can pass on life cover to your child without needing any extra medical exams. This makes the process easier and guarantees they stay covered, no matter what health changes come up in the future.
Getting life insurance for your child from an early age sets them up with financial security right from the start. It’s like building a solid foundation for their future finances, protecting them against whatever life might throw their way.
These policies usually come with ways to make it simpler and more affordable to increase coverage as your child gets older. This means you can adjust how much coverage you have as your financial needs and life stages change.
Buying a life cover that extends to your child can be a strategic financial move, providing peace of mind and ensuring continuity of financial protection across generations. It is essential to assess your family’s financial goals, future needs, and budgetary constraints before deciding.
So, wait no more and make the right financial decision to safeguard your children’s lives today!
1
Extending life cover to your child ensures their financial security from an early age, offering protection and a foundation for their future financial needs
2
Yes, life cover plans extending to children are available across various age groups, often from infancy to early adulthood.
3
These plans often allow for flexible coverage upgrades as your child grows, ensuring that their evolving financial needs are met without complications.
4
This plan benefits your child by providing financial security, potential tax benefits, and the ability to inherit the policy without additional medical exams, ensuring seamless continuity of coverage.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
