How Insurance needs change at every stage of life

How Insurance needs change at every stage of life

Your life is marked by milestones.

College graduation, 30th birthday, wedding, first home purchase, first child, so on and so forth. This list of milestones doesn’t end until you do.

The transition between various stages is what represents the major moments of your life, and as you move from one milestone to the next, your needs, goals, and expectations change.

Today, you might be young, carefree, and probably not overburdened with too much responsibility. But remember, as life progresses, things are going to change.

Whether we’re talking about a full family, aging parents, child’s education, your retirement -- all of it will be a new experience for you and will present some added responsibility on your shoulders.

Long story short, your responsibilities are going to change (and in the process, increase) in the years to come. At this point, you might think that a standard life insurance plan is enough to keep everything under control. However, this is a very short-sighted approach to life. To smoothly sail through all the stages of life, you need a securer safety net, and that will require you to explore beyond just life insurance.

As you’ll go through life, you will want to achieve different (and frequently changing) goals: get a job, save up to buy a car, get married, again save up to buy a house, see your children growing up, still save up to move into a bigger apartment, and live long enough to see your children support themselves.

While these goals seem slightly distant right now, getting insurance at different life stages can help you achieve your goals and safeguard your family’s future while you’re still in your prime.

Let’s explore the different stages of life, and which type of insurance can help you where:

Note: the age brackets we’ve mentioned are generic; you might have a different timeline, and that’s perfectly fine. The mantras remain the same - mostly. :)

Single and unmarried

Age: 20-28

When you’re unmarried (happily, at that), life is relatively simple with very little to almost nil requirement of insurance for yourself. However, this is the time to think about your parents and look after them, as they’re only going to age with time.

Getting term insurance at this point in your life can prove to be a future-proof move. After all, term insurance can help you with a financial safety net, and can assure the safety of your family if something should happen to you.

This time of your life is when you have the least responsibilities. So, it makes more sense to invest in something like Aviva’s Affluence Plan which is ultimately aimed at securing you and your family’s future (who knows, may even help for early retirement).

The beauty of Aviva’s Affluence Plan is that if you land in an unfortunate accident or mishap leading to untimely death, the sum assured under this plan is the MINIMUM amount that your family will receive.

Since you’re young and in your prime, you have the chance to secure your family’s future should something happen to you.

Newly married with new duties

Age: 25-30

We HAVE to admit that the period right after getting married is the best, albeit very brief.

Getting all the attention, getting showered with gifts, and the whole butterflies-in-my-stomach feelings make you feel special.

But you need to keep in mind that getting married means that a new person has joined your family; you need to safeguard their future.

Your brand new family needs the Aviva New Family Income Builder plan where you can start planning your family in addition to making financial arrangements for their security. The New Family Income builder will help you achieve mid-level goals like moving into a bigger house with a growing family. The goodies don’t just stop there, you get another handsome wad of moolah for when you approach retirement.

Many life insurance policies allow you to top-up the sum assured on your existing insurance policy to increase the amount. This amount will help your spouse with future EMIs, help raise the children, and provide overall protection.

Becoming a parent with increasing responsibilities

Age: 28-35

Your responsibilities are going to increase manifold with the arrival of a baby in your life. Of course, part of this responsibility is going to include changing diapers, feeding your child at odd hours, and staying awake throughout the night.

Your child is going to rely on you for all their needs until they are equipped to sustain themselves. You need to make sure that your child’s education never stops, even if your income takes a blow or if there is an untimely death of a parent. Aviva India has specially crafted child insurance plans for these circumstances where you can financially secure your child’s future education in one go.

Your job does not end at just financially securing your child’s future. You have to be the guiding light in their lives and show them the path. Remember all the times you told yourself, “I’ll be nothing like my parents, I’ll be the cool parent”. Yeah, now’s the time to start acting like one.
Get your hands on Kid-o-Scope by Aviva India to take a test and determine what your child might be inclined towards. This will give you a better idea on how to prepare for the best future for them! This assessment is not only going to give you insight into your child but will also help you set financial goals for their higher education.

Aviva Young Scholar Secure provides an assured sum at every milestone of your child’s education needs, be it for high school, graduation, or higher studies. This is the best gift you can give your child to secure their future.

A mid-life crisis with rising duties

Age: 30-40

The mid-life crisis is not an alien phenomenon -- especially given our lifestyle and the world we live in. To make sure that your mid-life crisis does not come in the way of your financial plans, you need to get savings insurance which safeguards your investments and wealth.

While there are plenty of savings plans available in the market, investing in a ULIP (Unit Linked Insurance Plan) is your best shot at wealth creation and saving it for the long-term. While thinking about getting your children the right education and getting them married, you will find that investing in ULIPs was the correct answer to the constant need for vast sums of money. For that, you can look into

Planning for a retirement fund

Age: 30-40

When you retire, you still need a steady flow of income to sustain yourself and bear the growing medical bills. While you’re still in your prime years with high earning potential, utilize that period to create a retirement fund to sustain yourself and your spouse. Your retired self should not rely on your children for financial support, so planning your retirement well in advance is the way to go. Invest in a retirement scheme that gives you guaranteed money back when you officially retire. So you shouldn't think twice before taking that well-deserved holiday with your better half!

Planning finances and getting insurance might not seem like the ‘cool’ thing to do right now. However, you and your family will reap the benefits of getting different insurance plans at different stages in life. Of course, you’re not even remotely thinking about a retirement fund right now, but ten years down that lane, when even climbing the stairs becomes a painful chore, you’re going to thank yourself for getting appropriate insurance.

Getting insured is the best way to tell your family that you love them and care for them. Aviva offers a wide range of insurance plans to suit you and your growing family- at every stage of your life. Feel free to reach out to us by calling us at 1800-103-7766 and our in-house experts will help you find the best plan for your cause! You can also write to us at customerservices@avivaindia.com with your queries and we’ll jump to your rescue right away!

 

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