If your absence is going to affect someone financially, you need life insurance. Life insurance provides financial support to your dependants in your absence. This financial support can help replace your income and can help your dependants meet many important financial needs like daily living expenses and college funding.
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- Young Professional
- Thinking about marriage
- Newly Married
- Married (No Child)
- Married (Have Children)
- Single parent
- Married (Children in teens)
- Nearing Retirement
- Retired
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To figure out if you need life insurance, you need to think about the worst-case scenario. If you died tomorrow, how would your loved ones manage financially?
Would they be able to meet ongoing living expenses like the rent or loan repayments, food & groceries, healthcare? What about long-term financial objectives? Without your contribution to the household, would your surviving spouse be able to put the kids through quality education or retire comfortably?
It's always a sad time, when you lose someone you love. But your emotional struggles don't need to be compounded by financial difficulties. Life insurance helps make sure that the people you care about will be provided for financially, even if you're not there to care for them yourself.
To help you understand how life insurance might apply to your particular situation, we've outlined a number of different scenarios below. So whatever your stage in life take a moment to consider how life insurance might fit into your financial plans.
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| Young Professional / Thinking about marriage |
Young professionals or those who are not yet married believe they don't need life insurance. But there are reasons why you should get insured.
Firstly, life insurance can serve as a very attractive and low risk investment option providing market linked returns.
On more traditional reasons, you may be providing financial support for aging parents or siblings or may be carrying significant debt that you wouldn’t want to pass on to family members who survive you.
Insurability is another reason to consider life insurance when you're single. If you’re young, healthy and have a good family health history, your insurability is at its peak and you’ll be rewarded with the best rates on life insurance.
Moreover if you are thinking about marriage, you should definitely insure in interest of securing the financial future of this personal partnership.
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| Newly Married / Married (No Child) |
Many people believe they don't need to think about life insurance until they have children. Not true. What it one of you were to die tomorrow? Even with the surviving spouse's income, would that person be able to pay off debts like car and home loans, let alone cover the monthly rent and utility bills.
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| Married (Have Children) |
Most families nowadays depend on two incomes to make ends meet. The costs for bringing up your children can be quite consuming if you want the best for your kids. If you were to die suddenly, could your family meet these expenses on your savings and your spouse's income alone? Maybe not. Life insurance makes sure that your plans for your children’s future don't die with you.
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| Single Parent |
As a single parent, you're the only support on whose the child’s future rests. Yet quite a few single parents have no life insurance whatsoever, and many with coverage say they need more than they have. With so much responsibility resting on your shoulders alone, you need to be doubly sure that you have enough life insurance to secure your children's financial future.
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| Married (Children in Teens) / Nearing Retirement |
As you go through the years, you may feel your need for life insurance has reduced. But just because the kids are through college and your loans are paid off doesn't necessarily mean that your insurance needs are over. You need to plan for your retirement in all earnest so that you don’t end up being a burden on your children. You also need to consider the possibility of your spouse facing the daily living expenses on his/her own if you were to die today. What if your spouse outlives you by 15, or even 25 years? Would your savings, without life insurance, enable your spouse to maintain the lifestyle? And would you be able to leave behind something for your children or grandchildren?
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| Retired |
| As a retired individual it is easy to believe that your insurance needs are over, your children are all set and that you do not need to worry about any dependants anymore. However it is always prudent to save for a rainy day and if you have your spouse outliving you for more than 10 or 15 years, saving in order to provide for his/her in your absence is absolutely a must. Insurance continues to be a valuable tool for you post retirement as well. |
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| ING Life’s Easy Plan Finder can help you find the best plans that suit your needs as per your life stage. |
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