The Insurance Plan for Each Stage of Your Life

The Insurance Plan for Each Stage of Your Life

You may have realized that your likes, dislikes, motivations, and needs evolve as you age—each level of maturity changes you in some way or the other. Hence at every step of your life, you will need to be evaluating your choices and modifying them to suit your current situation. Insurance plans also have to be dealt with in such a manner; if they fail to accommodate your evolving requirements, then you must do away with them. Thankfully, the market is abundant with financial tools that are designed to meet most, if not all, your demands—each plan has certain features that will speak to your existent position and will provide you with the relevant services.

Insurance Needs at Different Stage in Life

Choosing the right insurance for life’s stage. Here is a guide to figuring out the appropriate insurance plan for every stage of life.

Grandfather And Grandchild

Stage 1 – Family Floater Insurance Plans

The first stage consists of your childhood, adolescence and early adulthood: you are not yet fully independent to be making financial decisions for yourself. In such a case, your parents should have already opted for an insurance plan that provides coverage for your health care. Under certain family floater insurance plans, your family would also be able to avail maternity care. Otherwise, following a period of 90 days, you would also be able to partake in the family floater insurance plan. Furthermore, most insurance companies also offer unit-linked insurance plans that would allow your parents to invest in funds in the capital market in addition to acquiring insurance coverage.

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Stage 2 – Health Insurance Plan

This part of your life concerns the first stage of adulthood in which you are still finding your ways. You may still be figuring out the direction of your career and thus may be struggling to get hold of the right insurance plan. In such a case, you might want to sign up for the term insurance plan that only provides individual coverage. Depending on whether you feel capable of providing insurance for your parents, you could also look into taking out individual insurance policies for them if they do not already have one. This is also the ideal stage when you should invest in health insurance for yourself while your premium is still low. The rate would only increase as you age and stand a greater risk of contracting more severe health problems.

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Stage 3 – Unit-Linked Insurance Plan

The third stage is usually marked by a stable domestic life in which you would have to think about your spouse and children in terms of any financial decision you make. Now that you have a family and you need to ensure their safety and health, you would have to opt for a Family Floater health insurance plan that guarantees a combined sum assured for the entire family in case of a medical emergency. And now that you have amassed a bit of wealth, you would also have to take measures to safeguard it against a financial crisis. Therefore, it would be wise to invest in an unit-linked insurance plan that offers high returns and would enable you to expand your wealth and save for a special occasion such as a child’s education or a wedding.

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Stage 4 – Retirement funds 

Though this is the last stage mentioned here, you cannot get apprehensive about this age as it is still filled with opportunities. You would finally have the time to pursue careers or hobbies that you had previously swept aside for professional commitments. You can also explore investment undertakings being offered by the market at any given time, including unit-linked insurance plans that would allow you to receive high returns by means of investing in funds. Furthermore, any form of a health insurance would be of immense use at this stage, as you would likely have a few medical problems here and there.

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Insurance is one of the most effective instruments you can employ to secure your future. No matter your age, you will always be associated with other loved ones and thus insurance plans prove to be life saving for you and your family in times of crisis. So be sure to stay informed on the numerous insurance plans you can invest in at any given stage of your life.

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