Love and marriage may go together, but it doesn’t protect against an unexpected death. Life insurance is a morbid topic that no one likes to address. But if you think of it as securing the future of your loved ones, it becomes a noble topic.
However, most people don’t know that much about life insurance or how to find the best policy. Newly married couples often neglect to consider life insurance. Instead, they are focused on starting their long and happy lives together.
A ULIP plan can help a married couple set aside money for the future. The plan is a combination of investment and life insurance.
Life Insurance is a Security Blanket for the Living
Life insurance is not putting a monetary value on your life. It’s about providing for your family and loved ones after you’re gone. In the event of your unexpected death, your overdue bills and funeral arrangements will be the last thing on your grieving family’s minds.
Having a life insurance policy in place not only covers the burial costs. Many people choose to designate a family member or members to receive a sum of the life insurance payout. For example, married couples can set up a life insurance policy to ensure that their spouse is well taken care of after they’re gone.
In such cases, life insurance offers financial security to your loved ones. Many people find peace and comfort in knowing that their loved ones won’t have to struggle financially. Especially knowing how much they will be struggling emotionally.
Without life insurance, family members are left with less than 10% of the financial provisions they need to stay out of poverty.
What is a Unit-Linked Insurance Plan?
A unit-linked insurance plan, or ULIP, is a somewhat recent type of insurance plan. Created in 2001, the ULIP is both a life insurance plan and an investment opportunity.
An annual, bi-annual, or monthly premium is paid into the policy. While a portion that sum goes toward the policy, the rest is invested into equity and the like, similar to a mutual fund.
The policy’s beneficiary can use the invested money toward education, retirement, and other stipulated endeavors.
Is a ULIP Right For Married Couples?
One concern that often prevents people from getting life insurance is the incorrect belief that they can’t afford it. Young, married couples are surprised to find out that their life insurance rates are easily affordable.
Of course, older adults may find the rates higher than the young and healthy, but that doesn’t mean life insurance is unattainable. A professional insurance agent can help broker a great rate for you, regardless of your marital status and age.
Statistics show that almost half of males and females living in India are married. ULIP life insurance policies can help married couples reach the financial stability they need to travel or have children.
A life insurance policy ensures that your spouse will be able to live a secure and happy life, even if it ultimately isn’t with you.