We spend our lifetimes making future plans for ourselves and our loved ones, preparing for the big milestones. However, if there is one thing for certain about life, it is that life is uncertain. That is why no matter what stage of life you are at, any planning for the future is incomplete without ensuring that there is a safe financial net in place in the event of your untimely demise.
That is why a life insurance plan serves as the perfect coverage option for individuals and families alike, at every step along the way. Here is how a life insurance plan can safeguard your needs through the different stages of life:
18 -25 Years
At this stage, people are least likely to consider themselves old enough to need a life insurance plan. However, when considering your long-term needs, this might be the best age at which you can avail life insurance policy. While you are young and healthy, you will be offered lower premiums, higher sum assured and your choice of policies and plans with no fear of rejection. Moreover, if you happen to have any family dependants such as parents or siblings, getting life insurance at this stage will ensure that their needs continue to be met in the future.
25 – 35 Years
Taking an important step such as marriage means being prepared to build a new future together and take on more responsibilities. At this stage, you and your partner start considering making big, long-term investments and thereby, taking on more liabilities. A life insurance plan helps ensure that in the event of you passing away, the load of these joint decisions would not fall solely on to your partner. It helps cover any assets or debts and provides much-needed relief to your spouse.
It is perhaps at this stage that life insurance plans should be an absolutely crucial investment for any family. By welcoming a child into your family, you take upon the responsibility to provide for their every need. These range from paying for school and tuition fees right down to clothes and basic necessities. The importance of having a safety net for their future needs with a reliable life insurance plan cannot be overstated.
50 Years and Onwards
At this stage, your priorities are directed towards using your life savings for your children’s higher education needs and celebrating their grand weddings. By this age, both you and your spouse would have retired. Since the likelihood of fatality increases with age, life insurance can provide a much-needed financial cushion for your spouse, in the event of your unfortunate demise. Moreover, you should have some much-needed peace of mind knowing that you’ve opted for a health-related rider with your life insurance plan, it will adequately cover your age-related needs. These include age-related diseases, terminal illnesses as well as other medical emergencies.
Therefore, no matter at what point in life you might find yourself, a life insurance plan is guaranteed to be a reliable and comforting investment. To avail a trusted term plan designed to accompany your every need, you can consider Aegon Term Insurance, the iTerm plan, that offers life cover up to the age of 100 years. You can also customise it according to your specific needs as it is available in 3 different term plan variants as well as a number of rider options.