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Why Should You Buy Life Insurance after Marriage?

Sumesh was driving with his wife Priya when he suddenly lost control of the car and it flipped over thrice. Sumesh was died on the spot while Priya was hospitalized with major injuries. Suddenly Priya’s life came to a standstill. Innumerable expenses like home loan, utility bills and hospital bills intimidated her to the ore. At this testing times, life insurance policy brought by Sumesh 3 years back, came as a solution to her woes.  

Two lives become one when they say ‘I do’. But when the honeymoon is over, there is one more thing that needs your attention- life insurance. Yes, this is a safety net as life insurance comes with benefits of both term plan and investment. Simply put, a good life insurance plan will not only build a corpus for your future requirement but will also take care of your family if something goes wrong.

Life insurance is important for all age-groups but it becomes makes more sense to buy immediately after marriage. Let’s know why-

To Strike a Balance Between Investment and Insurance

Apart from covering the family from any contingency, life insurance is a perfect tool to strengthen your financial portfolio. Plans like money back, endowment, whole life policy, etc; offer guaranteed returns after the stipulated time-frame which can be used to meet divergent needs.  

To Facilitate Future Planning

We all have some goals in life for which we save. For a young married couple, it could be buying a house. Once they decide to start a family, the goal changes to planning for child’s education or marriage. As one grows older, retirement planning will take precedence. Life insurance offers benefits to meet needs of different life stages. 

To Meet Emergency Situations

Marriage comes with financial interdependence. By naming a spouse as a beneficiary in the policy, you make sure that your partner will have the financial means to carry on after your death. The policy replaces the income of a bread earner by paying a guaranteed benefit to the surviving partner, which can be used to pay off debts and tackle other expenses.

To Build an Inheritance for Heirs

If you have no assets to pass to your heirs, you can build an inheritance by buying life insurance and naming them as a beneficiary.

Insure Your Love for ‘FAMILY’ with a good Life Insurance

Written By: PolicyBazaar - Updated: 09 June 2020
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