Requirement for life insurance After Marriage

Everyone needs life insurance, but if you are married and have dependent family members, then you need life insurance more than anyone else. This is because your spouse and your kids may be completely dependent upon you, the family’s primary breadwinner, for all their needs and requirements. It is therefore your duty to ensure they are always in a financially sound position, whether you are alive or dead.

Top 7 Reasons Why You Need Life Insurance After Marriage

Here are some reasons why you need to get a good life insurance plan after getting married:

Increase in Financial Responsibility

After you get married, it is your duty to provide for your spouse. Spouses leave behind their old lifestyle and residence to adjust to a new life in hopes that their new partner will provide them with the best of everything. You should therefore ensure this happens and also make provisions for their future. If you die unexpectedly, they should have the financial means to carry on with a comfortable life.

Children need a secured future 

After a few years into your marriage, you will have children and they will be completely dependent on you in every way. From their living expenses to their food to their medical expenses to their education, as a parent, you have to ensure they have support at every step in life. But can you ensure that you will be around forever to help them?  No, in fact, you may not even be around in the near future. This is why you need to buy a life insurance plan and secure the financial wellness of your children as they have nowhere else to go for financial help in your absence.

Home Loan is an increased liability

It is very common for newlywed couples to buy a house of their own. Most of them take home loans for this purpose. If you too have taken a home loan to get a house for your family, you need to cover the debt with a life insurance plan such as a term plan. If anything happens to you, the lender should not harass your family to repay the loan. You should ensure you have a life cover large enough to clear the loan if you die without repaying it. Your spouse and kids and then continue to have a roof above their heads, which is a tremendously important thing to have.

You need to make provisions for medical bills

As stated, your spouse and kids depend on you for their wellbeing. Medical expenses are an important part of life. You need to make sure your family always has enough money to pay their health bills, even after your demise. If you have a good life insurance plan, they can utilize the sum assured in multiple ways, including paying the health bills and continue to live a healthy life after you are gone.

Lifestyle protection

With marriage comes an increase in lifestyle. Especially with the newlyweds, expenses can be very high. This is when the same also needs to be protected so that your increased lifestyle is not affected by any unforeseen situation.

With marriage comes responsibility

Marriage and responsibility come hand in hand as long-term planning needs to be done. This is when you must plan your taxes as well. Life insurance allows you to save tax as well. The premium you pay towards your life insurance policy is tax exempted up to a sum of INR 1.5 lakhs a year, which acts as an added benefit.

Think about savings

And finally, as a responsible family person, you need to start thinking about saving money. Life insurance offers the dual benefits of saving and insurance. You can buy certain types of life insurance such as endowment insurance or ULIP to build up a corpus while keeping your life secured.

These are some of the most logical reasons why you need to buy a good and appropriate life insurance policy after you get married and start a family.

Conclusion

As you can clearly see from the points mentioned above, there are many reasons why you need life insurance after a certain point in life. You need to support the needs of your loved ones, you need to invest for the future and you also need to save tax. A life insurance plan allows you to do all this in a very methodical manner. So go online, compare the various life insurance quotes and then buy a plan that is well suited to the needs of you as well as your spouse and kids.

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