Life is the biggest gift bestowed by the Almighty upon humans. We are supposed to protect ourselves and it’s a natural instinct to protect our loved ones too. Since now we are living in the modern and civilized age, life insurance exists as a cover should anything unfortunate happen to you. In this blog we will talk about a few pivotal points in life where it’s a good idea to invest in life insurance as it will help you gain peace of mind that even if GOD forbid you pass away, your dependents will have enough financial resources to make use of till they can provide for themselves. It also acts as an investment that builds up with the due passage of time and at the time of maturity you get a handsome return on your actual amount at much better rates than what banks offer.
Let’s take things in a chronological order. You have just completed your academics and stepped into professional life and have got a job that lets you earn enough that you can save a little out of it. A very wise idea at this moment in time is to get a life insurance policy as it’ll give you the longest possible amount of time to save up and since you are at a point in time where you don’t have any dependents (or have the least amount of dependents in case of parents) you are able to save more as your expenses are comparatively lesser than someone who is married and has children. Insurance policies typically don’t cost a lot and thus it’s relatively easier to pay the premium. At this time you should ideally be looking at obtaining a policy that lets you accumulate your wealth over a period of time.
Supposedly you’re out of the age bracket when a person is just stepping into professional life. You’re married but don’t have children yet. At this point in life you have a multitude of options to choose from. Getting a retirement plan or a family insurance plan is a good idea as it will cover your dependents as well as help you have a good return by the time you retire and thus you will not be burdened by the worry of financial woes when it’s finally time to sit back and have some time for yourself.
Next comes the scenario where you are married and have one or more kids. Every parent has two dreams for their kin. One is to achieve a good position in academics and the second is to get them happily married off. For the first situation the best way is to invest in an education plan that will cover your child’s educational expenses in case of death or disability or loss of job. Also it can act as a fund to pay for the university fee if your child plans on studying abroad. It’s equally important if you’re planning for your daughter’s marriage as it’s the biggest event of her life and you’ll want everything to be perfect so she starts her new life with utmost joy and happiness hence a suitable marriage plan will help you accomplish all these things.
Last but not the least let’s talk about insurance plans for women. In yesteryears, insurance products were only aimed at the male part of the society as they were considered the sole breadwinners for the whole family and everyone else was thought of as a dependent. However in recent times, women have become an active part of the workforce as well as housewives have gotten more recognition for their efforts thus insurance providers have also come with plans that are made exclusively for the female part of the society.
We feel that life insurance is a really useful product in various scenarios and it’s never too late to get such a beneficial product and you should really take it into consideration to enjoy your life with complete peace of mind. SmartChoice.PK is an online price comparison platform that will soon let consumers in Pakistan compare and order insurance policies online as well as order a policy of your choice.