Life can be very unpredictable at times and you never know what danger the next moment may have in store for you. As such you need to keep a backup plan in place to handle any unforeseen incident that can jeopardise the health and welfare of your near and dear ones. Investing in a comprehensive life insurance policy can be very helpful in this regard.
Even though you can opt for a life insurance at any point in time in your life, there are certain moments in life that reinforce the need for such an insurance. Here is a look at the 5 best times to get your life insured.
List of 5 compelling reason to get your life insured
When you marry, you not only take the decision to spend your entire life with them but to also share the financial responsibilities. Therefore, it is quite normal for you to consider life insurance at this juncture. If you do decide to sign up for a life insurance policy, make sure you invest in one for your partner as well. Many people also create a will after marriage, to ensure a smooth transfer of funds in case of your or your spouse’s death. This is to make sure that the love of your life stays safe and secure if, God forbid, something tragic were to happen to you.
2. Buying a Home
Essentially, a life insurance should be purchased prior to your decision of buying a new house. Often, people may opt for a home loan in order to finance their dream house. However, it is best to take a home loan only when you have proper life insurance. Otherwise, you leave yourself and your loved ones exposed, which is a chance you should never take. Therefore, people often buy a life insurance when they are considering a home loan or a loan against property.
3. Having a Child
No other occurrence will change your life as much as having a child. Months of planning goes into a couple’s pregnancy. This planning includes many aspects, one of which is the financial side of the matter. Even before you conceive the baby, the most pressing thought would be the financial security of your little bundle of joy.
This is why new parents often invest in a proper life insurance policy, which their child can claim when he/she grows up. This is a simple way of securing your child’s future even if you are not around to see it. Ensure that both you and your partner invest in insurance; the amount will maximize by the time your child is liable to claim it.
4. Emergency Situations among Friends and Families
When someone close to you falls ill or is diagnosed with a serious condition, it can jolt you back to reality and reinforce the importance of a life insurance policy in your life. This could be a friend or a close relative who is important to you. You begin to factor in the common diseases that affect most middle-aged people. Those include diabetes, cardiac ailments, dementia, and cancer, which can just as easily strike you without even a moment’s notice.
Therefore, stop taking unnecessary risks with your life or those of your family members. Opt for a proper health coverage that will make you feel much safer and secure.
5. Diagnosis of a Disease
Insurance companies allow you to ensure your life even after you are diagnosed with a terminal disease or disorder. While this may be a difficult thought to process, life can throw such surprises at you. A life insurance policy, in such a condition, will keep you free from worries, especially if you have a very limited time to enjoy life.
At the end of the day, it is important that the lives of your family members as well as yours are insured, regardless of the time. However, it is best to invest in the insurance plan at an early point of life in order to maximize the returns.