Here’s How Working Couple Can Plan Their Insurance Needs

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All the information you need on insurance requirements; Get an inside scoop


Working couples and nuclear families is a new phenomenon in most metro cities today. The need for joint working couples has evolved mainly because of the rising cost of living and growing aspirations for a better life. The thrilling part about this is that you can tackle financial goals with funds from two incomes instead of one!

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In spite of these double income benefits, working couples still need to handle their finances carefully and not leave all the financial responsibility on one person’s plate. Therefore, when planning your life together and taking care of your family’s needs, it’s important to plan for your insurance needs too.

Here’s how working couples can plan their insurance needs and get their financial life in order:

Income replacement on death

Just imagine- while you are busy making plans for your future, a disaster happens. You meet with an unfortunate accident. In such an event, the entire burden of bill payments, living expenses and meeting the home loan EMI’s (if any) would fall on your spouse.

Thus, in the absence of your income, your partner might have to go through financial strain in addition to the emotional trauma. All this can be taken care of if you have term insurance in place. Term insurance can offer high coverage at affordable premiums and is the best option to cover the mortgage which couples usually take to kick start their life.

If you and your spouse decide to opt for term insurance, both can name each as the beneficiary so that if one passes away, the other will have financial support from the term insurance payout. Further, in the unfortunate case that both pass away and have children, then the children can be made as beneficiaries, giving them much-needed financial security.

In case you already have a term plan, it is better to get it re-evaluated at key milestones of your life like your marriage, salary hike, the birth of your child and so forth. The key is to have sufficient coverage to enable your loved ones to continue with the same lifestyle even if you are no more.

Planning for Children’s Future

Just like how every parent aspires and dreams for their children to receive education from the best institutes, India or abroad, you might also want the same for your child. But, considering the spiraling cost of education these days, this may seem like a distant dream. However, prudent financial planning for child can help you achieve this goal in a worry-free manner.

In light of the above, if you want your child to pursue his/her dreams, you need to invest in child education insurance at the earliest. Child education insurance plans are essentially investment cum insurance plans that offer maturity benefits and life cover, thus proving to be a comprehensive investment plan for your child’s future.

While choosing a child education plan, ensure that it provides sufficient benefits and due coverage that enable you to fulfill your child’s dreams. Many insurers like Max Life Insurance offer ample benefits and features along with child education plans, including flexibility to invest, bonus options, tax benefits, etc. Make sure you understand these benefits before making your investment decision.

Stick to these important pointers while choosing a child education plan:

  • Take inflation into account while deciding the sum assured
  • Choose a plan that has an option for partial withdrawals
  • Opt for the plan that offers to waive off the premiums in case of the untimely demise of the insured parent

Critical Illness or Disability Provision

With increasing work-related stress, the incidence of heart diseases and other critical ailments are rising among young professionals. Therefore, if you are healthy now, it’s better to opt for critical illness insurance and protect yourself against the financial burden caused due to the treatment cost of critical illnesses. You can also choose for a critical illness rider along with your term insurance plan.

Critical illness insurance pays a lump sum amount in case any severe illness like heart attack, cancer, lung disorder, paralysis etc.is diagnosed. This amount acts as income replacement when you are no longer able to work due to your undergoing treatment. Hence, it is essential for working couples to have critical illness insurance in their insurance kitty.

Similarly, disability insurance is a necessary protection that provides coverage if the concerned person is unable to work due to some serious disability and his family depends on him for financial support. Therefore, if you are forced to miss work due to any disability, this insurance will pay you benefit, covering you right when you need it.

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Wrapping Up!

Getting insurance is like an expression of care that you want your loved ones to be protected in the case of an untoward event. And it is best if this is realised earlier in life. So, get a suitable insurance plan today and secure the financial future of your near and dear ones.

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