If you are newly married, you may be caught up with setting up your home, or planning a holiday, or other exciting things that newlyweds often do; and buying insurance might not be one of them. But that’s exactly what you must consider buying in order to secure yourself and your loved ones, and remain in control when life’s rude surprises come visiting.
Following are the must-have insurances for couples.
Additional Reading: Benefits Of E-insurance
Term Life Insurance
A term insurance plan is ideal for individuals or even couples with dependents. A term plan can be taken individually or jointly by a married couple. A typical term plan can offer you a sum assured worth 10 to 20 times your current annual income. This sum may be enough to cover your dependents in the long run in your absence.
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Youngsters often ignore buying a health plan thinking it could wait. However, remember that illnesses like any other mishap come unannounced, and therefore one must have a protective cover at all times. Like term plans, health plans too can be bought individually or jointly. It would cover the costs of hospitalisation and prolonged treatments of illnesses. Without one, you’re likely to burn through your savings and investments during a treatment. You can reduce your premium costs by buying a family floater plan for yourself and your spouse.
Critical illness insurance plan
Apart from having a health plan, you can consider buying a critical illness cover. This will help protect your dependents from the adverse financial effects of you suffering from a serious illness. Diseases such as diabetes or cancer require prolonged treatment and hospitalisation, and they may also bring about a loss of employment, leading to loss of regular income. A critical plan pays an assured lump sum on diagnosis of such illnesses (subject to terms and conditions) which helps you recover from the financial blow inflicted by the disease even as you take time to recover from the actual illness.
You can get Home Insurance whether or not you own a home. You can insure your own home’s structure against damages, and you can also insure the contents of your home and your valuables, even if you live in an accommodation that’s been taken on rent.
Insurance brings peace of mind. Insure yourself, your family, and your property adequately and rest assured that you are financially protected against all the rude turns that life can – and will – take some day.