The more responsibility you have, the more prepared you must be to shoulder it. Marriage introduces new responsibilities into individuals' lives, and one should prepare for them meticulously. One of the most crucial of these responsibilities is ensuring financial security. Life insurance can support your family's financial needs if you face sudden death. This blog will discuss why a life insurance plan after marriage is a wise investment in a financially secure future.
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Marriage brings two people ever closer together and closer to much bigger responsibilities. One of the main responsibilities a newlywed couple has to accept is working towards a stable financial cushion for themselves and their future. Here are some key reasons why obtaining life insurance after marriage is crucial:
Most importantly, life insurance policy can keep your partner financially secure in the event of your sudden death. It should provide the resources to sustain their current standard of living and manage financial burdens.
In the current world timeline, most people marry when they are in their late twenties or early thirties. In many cases, at this age, they have already taken out loans to buy a house or a car. Therefore, it becomes necessary to ensure that if the borrower dies unexpectedly, the liability of the loan payment does not fall on other family members. A life insurance policy can protect a family from such events.
A marriage brings lots of new obligations that you have to tend to. After a marriage, one is no longer living as a single individual and has another human being to take care of. You will be responsible for more lives as you decide to have children. That is why you may face a considerable increase in expenditures after you get married. A life insurance plan after marriage can promise the financial stability many desire for their loved ones.
Financial independence should come before marriage. Once you’re married, you transition from being independently self-sufficient to interdependence. You rely on your spouse to make your life something greater than you can envision; your spouse relies on you to provide the basis for that vision to come into life. In your life insurance plan, if you choose your spouse as a beneficiary, you can protect him/her financially if you meet an unexpected death.
People postpone many dreams until they are married. For many people, marriage is the beginning of a time when they should start fulfilling their dreams one by one. Fulfilling these dreams, in many cases, involves saving considerable amounts of money. For a newly married couple, it may as well be extending or renovating their home or saving money for their soon-to-be child's education. Life insurance plans can offer benefits that support such wishes.
A life insurance plan after marriage can also act as an inheritance for your family members after your unexpected demise. If you add them as nominees under your policy, you can pass it on to them in your absence. The death benefits under the insurance plan will ease their financial burden and cover living expenses and other future needs and debts. In a way, you can leave something for your heirs to inherit and maintain their quality of life.
Diversifying your financial portfolio reduces the impact of poor performance of a single investment and enhances potential returns. Therefore, life insurance can secure your financial portfolio by spreading investments among various assets. For instance, you can consider plans like a whole life policy, money back, and endowment that provide guaranteed returns after a fixed time period. This balances risks and ensures a more stable and resilient growth over time.
As marriage inspires you to take more responsibility, you have to face life’s uncertainties head-on. Whether you or your spouse undergo a critical long-term illness or permanent disability which could affect your family finances, you should prepare mentally and financially in advance. You can do it easily with an insurance policy. So, you should select an insurance plan that offers disability coverage and so on, which eases the strain of managing your monthly expenditure.
Life insurance plans offer more than just death benefits; they also provide various maturity benefits. Investing your premiums in different financial instruments gives you the dual advantages of market-linked returns and insurance coverage. Married individuals may find this appealing for its market-linked returns. Life insurance proceeds can be used to fulfil various financial needs upon maturity.
It may seem not fitting to talk about retirement when you have just married but retirement planning is essential for a conventional family to be pragmatic and manage resources better. Investing in life insurance right after marriage is a good way to plan for your retirement. Maturity benefits at the end of the policy term or your investment of the maturity benefits in an annuity plan can provide your family with a steady income after retirement.
Now that you know that investing in life insurance after marriage is a good idea, you may also like to know how it can cover medical expenses. Most life insurance plans allow you to add riders such as critical illness, terminal illness, etc. (at a nominal extra cost) that enhance the basic coverage and offer additional benefits to suit your individual needs better. As healthcare expenses are constantly on the rise, life insurance can help a family a lot by lessening some of the burden.
Knowing that you have taken action to ensure your spouse's well-being will make you feel less anxious, and you can enjoy your lives together happily and securely. Thus, securing life insurance is a proactive step in ensuring that marriage is not only based on love but also supported by financial stability and protection from each other.
With the ACKO Life Flexi Term Plan, you get to experience a plan like no other. It is non-linked, pure, and customisable to each of your requirements. It offers extensive coverage that protects your loved ones by providing a financial safety net within affordable premium ranges. This unique plan stands out in the market due to several key differentiators.
In whatever phase you are going through, whether you have married and started a family, bought a home, or an expensive car, this highly flexible plan evolves with your changing needs and life stages.
Mr Utpal married at 31 when his annual income was ₹10 lakhs per year. Considering his requirements, he chose the ACKO Flexi Term Plan (20-year term) with a coverage of ₹1 crore for his wife, Tithi.
After a few years of marriage, Mr Utpal is now the father of two kids. He is also repaying a home loan of ₹30 lakhs. As his responsibilities increased, he upped the coverage amount to ₹3 crore.
Now, Mr. Utpal is a middle-aged man with a substantial income corpus saved up for his children’s education. He also repaid the loan completely. With reduced financial responsibilities, he has no need of a ₹ 3 crore sum assured. He has decreased it to ₹2 crore. As marriage is one of the biggest events in one’s life that introduces many new responsibilities, having a plan that can change and suit your needs perfectly is a big plus.
It is a straightforward process to buy the ACKO Life Flexi Term Plan. Follow these steps to make a purchase:
Navigate to the official ACKO website or the app.
Start the purchase journey by selecting the plan from the ‘Products’ menu.
Answer all the questions to ensure eligibility and determine the premium.
Pay the premium online.
You will receive the policy in the registered email ID, or you can download it from the app.
Now you know that investing in a life insurance plan after marriage is a wise decision that ensures financial security for your loved ones. From benefits like debt protection to investment for retirement planning, it offers opportunities for a better and more secure future. By choosing the right plan, you can safeguard your and your family's future at affordable prices. Among all the life insurance plans available, term insurance plan is one of the best options to guarantee financial protection for your spouse and children in scenarios where you meet an unexpected death.
Some few questions and answers people ask frequently on availing a life insurance plan after marriage:
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes.
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Reviewed by Vaibhav Kumar Kaushik 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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