The need for life insurance can be analyzed on the basis of the stages of one’s life. Below are certain factors that help in identifying how much insurance is required during different stages of life.
Young Professionals
In the initial years of Life, a person has to face a relatively lower level of responsibility. Thus, he can save more by paying a low amount of Life Insurance Premium which is calculated on the basis of your age. As one grows old, the premium for life insurance cover increases many-fold. While planning to pay premium in the initial years, one can keep in mind his future needs and save more.
Newly Married
Newly married couples have to face lot of responsibilities as you have a spouse who may be dependent on your income. This is a phase where expenditure to be incurred is high. Moreover, there is an immediate need for planning for the future. Thus, at this point of time, it is advisable to take Whole Life or Term Life Insurance Policy
Married with Kids
This is the phase when a person has to take the responsibility of his children as well as elderly parents. One has to plan for one’s children’s future needs and his education as well. If a person is going for insurance policy at this stage of life, then it is advisable to go for such plans which offer periodical returns to be used for your child’s education and marriage. Thus, Term or Whole Life Insurance Policies are best suited.
For further information or to contact the author with your insurance needs, please complete the sign up form on my blog www.albertquintin.blogspot.com
For further information or to contact the author with your insurance needs, please complete the sign up form on my blog www.albertquintin.blogspot.com
No comments:
Post a Comment