Know Why Should You Buy Life Insurance After You Get Married!

One of the biggest strains in a wedding is the financial debt. Lack of awareness among young couples is the reason why they do not buy life insurance after marriage. However, buying life insurance after marriage is a must. Disasters and emergencies do not come with prior warning. If something happens to either of the spouses, adequate life cover is the only option which can protect you from emotional and financial risk.

Reasons For Married Couples To Buy A Life Insurance Policy

In order to strengthen the fact of buying life insurance after marriage, let us throw some light upon the importance of life insurance for married couples.

• Increase in Expenses - Once you are married, there is a sudden increase in expenses due to increased responsibilities. You cannot live like a single person anymore. The expenses might increase further in case you decide to have children. Therefore, any loss of income will lead to a debt ridden life. This is where a life insurance policy comes into play. A life insurance policy will help you replace the income arising out of a loss. Also, buying life insurance after marriage provides comprehensive financial protection for you and the entire family.
• Loan/Debt Repayment - Most people get married in their late 20s and early 30s. At this age, couples usually end up taking a loan for buying a car or home as co-applicants. In case of sudden death of either of the spouses, the entire loan repayment obligation will fall on the surviving spouse. This can put a lot of pressure and there might be a chance where the house will have to be given away. A life insurance policy can help provide cover against such a disastrous situation.

What Is The Right Age?

There is no such age restriction or limit on buying life insurance post marriage. It is ideal to buy a life insurance policy when you are young or immediately after marriage. Buying life insurance at an earlier age will ensure that your entire family is covered at affordable premium rates. Being young, you and your spouse are less susceptible to diseases in comparison to an elder couple. This, in turn, allows insurers to provide better protection plans to couples. Lower premiums are easily affordable and help in reducing expenses.

Conclusion

When purchasing a policy, there are many factors that need to be taken into consideration such as current expenses and liabilities, outstanding loans and debts, rate of inflation, future expenses (child education), number of dependents, etc. One of the most important factors is that of a nominee. It is important to keep the nominee in loop about the life insurance purchase and as well as the claim process.

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