Financial Planning Guide For Newly Weds
For many individuals, starting a new chapter in their life is heralded with the announcement of a major life event. One such event is getting married as it invariably helps in opening up a new door in their lives. Marriage is the fusion of two hearts, the union of two lives, the coming together of two souls and one of the most important of all human relationships. Marriage is based on the principles of trust, faithfulness, respect, and forgiveness, all bound together by the sacred thread of love.
However, marriage also brings with it, new changes in the couple’s financial situation and with it, a new set of financial responsibilities and obligations as well. These additional responsibilities will undoubtedly affect all aspects of their life together. This is where financial planning comes in; planning ahead into the future can go a long way in helping you build a strong financial foundation for your marriage. This makes it even more important to speak to your life partner about life insurance. As you and your partner begin your journey together as a married couple, planning for the unexpected and getting your money matters sorted out can aid a smooth ride for years to come. Following are some of the critical goals and life insurance plans you should really consider investing as you embark on a new journey in life.
1. Life Cover
When you tie the knot, a lot will change for you and your significant other. When you’re single and unmarried, you tend to be responsible only for yourself as no one else depends on you for financial support. However, marriage changes all that as you are now a team and in the event, something untoward were to happen to either of you, one of you will be left alone to fend for all expenses that come their way. Term insurance helps provide protection for a specific amount of time and can ensure that your family is financially secure by making sure your spouse is able to pay for essential things like day-to-day expenses, mortgage, or any car payments. Thus, a Term insurance plan helps lay the foundation as well as the protection that a married couple needs to tide over any future uncertainties.
2. Saving For Future Needs
When you’re planning a life together, you’re essentially building your life with someone else. At this stage of life, it’s important to consider future costs of living such as expenses involved in raising children, going for a vacation, caring for aging parents, buying your dream house and even saving for retirement. Getting your money matters sorted by opting for life insurance gives rise to savings opportunities which, in turn, can help in aiding a smooth ride for years to come
3. Secure Your Health
Health is probably your most precious asset and during these tough inflationary times of high medical rates, it makes sense to be insured as it provides risk coverage against expenditures caused by any unforeseen medical emergencies. It’s often said, "Buy health insurance when you don't want it, because you may not get it when you want it." With time and age on your side, you shouldn’t hesitate and buy a health insurance policy while you’re still young and free from medical complications. Not only are the premiums lower but you also get comprehensive coverage.
As individual situations change, so do insurance needs. Although it might not sound entirely romantic to discuss with your better half, the peace of mind that life insurance offers can help contribute to a long and happy union.
AN Jan 53/18