Rishi Matur, Director of Digital and Strategic Affairs of LIC Canara HSBC, said: “The shocks of the past month have shown how important it is to be protected from a number of risks. Such protection is guaranteed only by life insurance companies. Adequate insurance not only protects the client and his family but becomes critical in the face of a deteriorating economy.”
Let us figure out how to choose the right insurance policy at different stages of life.
Starting their professional way, young people are in no hurry to buy a life insurance policy. However, this is the most convenient time to take care of your safety. At this time, people have excellent health, there are no big loans, and all life is ahead.
“A life insurance policy at a young age is quite inexpensive. Besides, at this age, you can significantly save on health insurance, as life insurance also protects against accidents. We need to look for flexible options and study insurers’ proposals,” recommends Rishi Matur.
By the age of 30, most people can boast of career growth, so it is time to review your life insurance plan. “Moving up the career ladder means an income and expense increase. To cover all needs, a life insurance plan needs to be reviewed,” says Canara HSBC senior executive.
Marriage is always a new stage in life. Newlyweds learn to be responsible for the family. This time is well suited for joint pension plans and investment insurance.
When children are born, parents, for their safety, should increase the coverage of their own lives. Good parents also think about their children’s education, so they buy life insurance policies that can be easily saved up for college.
Zenith of a career
With an income increase, you need to put aside larger amounts for unforeseen needs. It is good to buy a second insurance cover, short-term investment insurance, at this stage. They are usually designed for 3 years.
“Upon retirement, investment insurance policies should be reconsidered. Sometimes people transfer most of the money to annuity accounts. It is very convenient, as pension plan is protected from market volatility. Besides, it is important to maximize health insurance at this time,” concludes Rishi Matur.
Photos are from open sources.