Life Insurance Need Analysis Stage II Newly Married

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Updated: 23/01/2008 | 05:12 PM IST

Personal finance

Life Insurance Need Analysis-Stage II- Newly Married

Getmeinsure

Wednesday, January 23, 2008 (Mumbai)

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Life Stage Analysis

Your are between the age of 26 and 35 years.
Married and have Dependents.
Double Income with or without Kids.
Might have taken some Loan i.e Home Loan, Car Loan etc.
Have a high Expenditure.
You may need effective tax planning.
Might have started some Investments in Equity or Mutual Funds.

Your Financial Needs Analysis

Have a high Debt Repayment through Installments i.e EMIs
May want to save for Children’s education or Marriage.
You need to Financially protect your Family and Dependents from unfortunate events.
Your elderly parents also need financial support from you.
Start saving for your retirement

Insurance Solution

This life stage is very crucial in your life and you would require a maximum Insurance protection because of High Debt Levels ( such as Home Loan, Car Loan or personal loan etc.) , Higher Expenses towards maintaining present life style and more numbers of dependents.

1) You can choose from Term Insurance Policy or a Whole Life policy.

2) A Insurance Rider such as Accidental Assurance, Critical Illness and Long Term Disability Insurance must be clubbed with the Insurance Policy.

3) If you have taken a Loan then you should consider taking a Insurance Policy that would take care of your Loan in case of an unfortunate event.

4) You can also start Planning your Retirement.

5) Some Endowment Assurance Policies can also be considered as an Investment Tool.