For a lot of people, getting married marks the start of a new chapter in their lives. Marriage invariably helps in opening up a new door in their lives as the decisions one makes early on can directly influence the way their married life plays out.
Marriage is based on the principles of trust, faithfulness, respect, and forgiveness, but from a financial standpoint, you are just about getting started on your financial journey together. In order to make a strong beginning, you should discuss your current financial situations and plan future financial priorities accordingly. This is where you should speak to your partner about the importance of having your lives insured as well.
Planning for the unforeseen and unexpected, by getting life and health insurance policies is important and should be the first step in financial planning. We have put together a list of life insurance plans you should consider buying for smooth financial sailing as a newly married couple.
Secure your partner’s future: Get a Life Insurance Cover
When you’re single and unmarried, your responsibility is only towards you and your family. But upon getting married, you have someone who depends on you for emotional and financial support as well. If something untoward were to happen to you, not only will it be emotionally wrecking but also the onus of tackling all expenses going forward will have to be shouldered by your partner.
Buying a life insurance policy can go a long way in ensuring that your family is financially secure as it helps provide financial support in case you are not there. A life insurance will make sure your spouse is able to pay for essential things like day-to-day expenses, mortgage, or any unpaid loans. A life insurance plan lays the financial foundation that a married couple needs.
Saving For Future Needs: Get a ULIP
Setting goals together and planning finances accordingly are essential components of a successful marriage. Just like aligning your fundamental beliefs on money, aligning your savings and investment goals will help achieve your goals faster.
Hence, it makes sense to take into consideration future costs of living such as expenses involved in raising children, embarking on a vacation, caring for aging parents, buying your dream house and even saving for retirement. There’s a variety of life insurance plans tailor-made to achieve your goals. If you invest in a United Linked Investment Plan (ULIP), for instance, you can not only earn attractive returns but also enjoy life insurance coverage to safeguard your family from life's uncertainties.
Secure Your Health: Get a Health Insurance Cover
Health is undoubtedly the most precious asset any person can have. With rising medical costs inflation, treatment costs are becoming costly. No matter how much you try and stay on top of your finances, life will at some point throw a curveball. Hence, it makes sense for both you and your spouse to get health insurance coverage since it provides risk coverage against unforeseen medical expenses.
It’s often said, "Buy health insurance when you don't want it, because you may not get it when you want it." When you have both time and age on your side, the last thing you should do is procrastinate. Buying a health insurance policy while both of you all are still young and free from medical complications is the way to go. Not only do you get to enjoy lower premiums but you also get to avail a comprehensive coverage.
While discussing about insurance policies, it’s best to approach them with an open mind and as a team. The more thoughtfully you work together on such financial matters, the more peace of mind and financial harmony you’ll maintain in your life together.