Why Should You Buy Life Insurance After Marriage?
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A marriage between two people blossoms because of the love and commitment they have for each other. Besides the emotional commitment, the vow of financial protection also plays a crucial role in making a marriage successful. A life insurance policy helps keep the promise by acting as a financial safety net for your spouse in the face of an unfortunate event.
Read on to know about the importance of a life insurance policy after marriage.
Why Should You Buy Life Insurance After Marriage?
Here are some reasons to convince you to purchase a life insurance policy after your marriage.
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To Pay for Increased Expenses
With the increased responsibilities of marriage, the expenses of the couple also increase. They might rise further if the couple decides to have a child. Here, the death benefit provided to the family of the life assured will help meet these expenses if something unforeseen happens. And if you are the sole breadwinner, the significance of the life insurance policy increases multifold as it allows the dependents to deal with the financial strain by providing monthly death benefits that act as the income replacement.
Must Check:- Life Insurance Benefits
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To repay a Debt or a Loan
Many couples purchase a new house or a car together through loans and debts after their marriage. A life insurance policy helps handle the loan instalments if the life assured dies before the loan repayment. The provision helps in taking off the financial burden from the surviving spouse’s shoulders.
You may also like to read:- Important Term Insurance Riders And Their Benefits
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To get higher coverage
A life insurance policy purchased at a young and healthy age helps get higher coverage at a low premium rate. Hence, it is advisable to buy a suitable life insurance policy as soon as you start earning a stable income or after marriage to get maximum benefits. The amount saved on the premium payment will help in meeting other expenses of the family.
Must Check:- Life Insurance Company
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To Plan Your Future
The child’s life insurance policy helps ensure the financial security of your child’s future goals and aspirations. The policy can be purchased during the child's birth and withdrawn during special occasions like higher education, marriage etc. Moreover, the retirement policy helps in income generation after the life assured’s retirement through regular pensions. Hence, a life insurance policy helps in planning for different phases of your life.
Also Read:- Types of Term Insurance Policies
Conclusion
The reasons mentioned above are good enough to convince you to purchase a life insurance policy after marriage. Moreover, you can consult an entrusted insurance agent or a professional financial advisor to help evaluate both the spouses' personal and professional needs and future goals. It is advisable to purchase a policy after thoroughly comparing different policies provided by various insurance providing companies.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
