Marriage marks an important turning point in life. While you are excited to find a life partner to grow old with, you might feel a bit nervous at times about the overwhelming responsibilities that come with marriage. Your financial habits may also witness a sea change.
As a result, buying life insurance can often be put on hold by many newly married couples. Ironically, investing in a good life insurance policy becomes more important than ever after marriage.
Reasons to Buy Life Insurance Plan While Marrying
- Ensure Stability
There can be a significant rise in expenses right after you marry. The expenses will move further north after the arrival of the children. So it is better to buy an insurance plan in the beginning as the premium will be low at a young age.
In this way, you will be able to ensure financial stability for your family at a cheaper premium.
- Sustaining Present Lifestyle
You have better chances of sustaining your present lifestyle in case of any untoward incident after marriage.
For instance, a good life insurance plan with a critical illness rider or disability cover can help you sail through difficult times arising from you temporarily losing your job due to any disability or severe illness.
- Planning For Retirement
Once you defer your retirement plan, you might find it hard to catch up later in life as the burden of responsibilities keeps building up in a marriage. However, you can develop a discipline if your start investing in your retirement plan from the first day of marriage.
- Portfolio Diversification
People in India generally marry while they are below the age of 40. Therefore, such people have enough leverage of time to diversify their portfolios to include different types of financial products. One or two good insurance products can easily fit into any portfolio without straining the budget.
- Building Together a Better Tomorrow
Today, it is common to have both spouses working and earning. Such couples can split their liabilities to reduce the pressure of household expenses on one of the spouses. This can result in having surplus cash that can be used to buy life insurance.
Such couples can split the life insurance liabilities too by buying two different insurances in the name of each one of them.
- Building Wealth For Heirs
Investing in an insurance plan at the beginning of your married life helps your investment to accumulate and eventually grow into a wealth that you can leave as an inheritance for your children.
A happy married life can become more blissful if it has ample protection of life insurance. It is important to keep the life insurance premium under the necessary and unavoidable expenses when you sit down with your spouse for the first time to make a budget together. You might want to save this budget as a part of happy memories.