5 Insurance Policies You Should Consider Before Marriage

2024-08-02

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Bachelor life after the start of a career is perhaps one of the most liberating experiences of your life. It will never be the same again, and certainly not after marriage. Getting married and having a family brings responsibilities, and for now, this is the period of zero personal responsibilities and significant financial freedom.

However, you should also not forget that you have two different ways you can go from here:

Live by the day, spend money as long as it last and live to the fullest
Start developing the financial discipline, save and invest in your future goals

Whichever way you choose to follow, will determine your financial habits now. Later these habits will determine your financial future. So, if you want to take the second path you can start with the following five life insurance plans:

1. Health Insurance Plan

As the popular saying goes, your wealth and health are correlated. When you are healthy, you are more productive, happier, and more agile when it comes to work. If you fall sick, not only your income and growth are threatened but you may also end up spending a lot of money.

Therefore, a health insurance policy will help you get the best treatment possible and get back on your feet as soon as possible. A health plan is essential considering the rising cost of healthcare and medication. This health cover will take care of up to 90% of hospital bills, and saves your meagre savings from being depleted.

Additionally, you can add your parents to the plan as well. It will only save money for both of you as they are unlikely to have a health cover and you get the tax rebate on the premiums.

2. Accidental Death & Disability

Life is uncertain and one can never know when it takes a rough turn. In the case of your meeting with an accident, your parents will need to take care of treatment expenses and recovery costs.

After an accident, it might not be possible for you to resume work so even your expenses until recovery will fall upon your parents. That is unless you have personal accidental insurance.

You can get this insurance as a separate policy or club it with your health or term insurance plan. The best life insurance policies have accidental cover built-in as an add-on benefit.

3. Critical Illness Cover

Today most life-threatening diseases including most variants of cancer are treatable. However, the treatment costs can be high, especially if you are in the initial stages of your career.

Even the modern lifestyle gives rise to diseases like hypertension and renal failures. Such diseases can strike at any age and the treatment is costly. Thus, it’s always better to have an insurance policy to take care of these sudden unfriendly costs.

If you want to ensure the best medication and treatment, invest in an insurance policy that covers critical illnesses. The right policy will cover for cancer, heart ailments and other major critical illnesses.

4. Term Life Insurance

Bachelor life is not as free financially as it seems. Credit cards, personal and vehicle loans, keep coming and going. If you too have such liabilities, make sure you have a term life insurance in place. It offers the following two advantages to you and your parents:

Tax savings on premium
You can secure a term plan with low premiums due to your age
Your parents will meet the liabilities and expenses in case of your untimely demise without affecting their retirement goals

A term insurance policy is one of the simplest and the most essential cover for you. It is the best term insurance policy to invest it. The policy will provide a cover on your life and will pay the sum assured amount to the nominees in case of your demise.

With plans like Canara HSBC Life’siSelect Smart360 Term Plan, you can even increase the cover later when you get married and have children. You will not have to purchase a new policy to increase the cover as per your new needs.

5. Pension Plan

Retirement is one of the inevitable goals of your life. Having adequate wealth at retirement is not only relieving, but it’s also empowering throughout life.

Starting early helps with better retirement planning, especially if you have a lot of goals to meet later in life. It is an essential goal for every professional and every member of society. You cannot depend on someone else post-retirement. Thus, it is best to start planning early.

You might feel that there is a long way to go for retirement but the sooner you begin, the better you will be able to plan. Invest in a pension plan to have a secure and stress-free retirement later. Pension plans from life insurers give you the option to use equity allocations to boost your returns, as well as offer the same tax benefits as other retirement savings.

Since you are unmarried and do not have the responsibility of a spouse or children to look after, it is highly recommended to save and invest in these policies. Once the responsibilities begin, it might become difficult to invest.

It also helps to be prepared for the future and to set aside money in the right policies. You never know what life might throw at you in the future. Insurance policies are like an umbrella on a rainy day and the policy will ensure that your loved ones are secure and debt-free. Hopefully, you can secure all five before your marriage.

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