Why should Married Couple Buy Term Insurance?

Who will take care of my children, my parents, and my spouse, when I am gone? If you are the only one supporting your family financially, this thought would have crossed your mind a number of times.

Life can impose infinite dangers at the most unanticipated times. And without a term insurance policy, meeting such risks arising out of the bread winner’s untimely death can be emotionally and financially devastating for the ones who are left behind.

Since life can throw up nasty surprises, you cannot leave your loved ones to suffer after your demise. There are certain things that are not in our hands, but we can always try to take the necessary precautions.

Insurance is one such step to ensure their safety and security, and undoubtedly, term insurance serves as a lifesaver for your dependent family members. With an adequate term insurance plan, you can at least help your family in maintaining the same standard of living in your absence.

“Considering the harsh realities and complexities of life, let’s see why it makes sense for married couples to buy term insurance”?

For married couples, a term insurance plan makes all the more sense. It is a pure protection plan, which will help either of the survivors as a source of funds when an emergency strikes. You can buy a policy for yourself or ask your children to help you buy one. Or if you are looking to buy term insurance for your aging parents then you can also help them get one.

There are a number of insurance providers that are providing affordable term insurance plans for married couples. There are term plans available for a duration that is suitable for you – be it 20 years, 30 years, to even 100 years.

Let’s discuss about facts of how term insurance can help married couples:

It Helps in Meeting the Daily Expenses

Without the source of income, it can be difficult for your family to pay for routine expenses like food, electricity, medical bills, rent, etc.  If are the major source of income for your family and are taking care of all the finances then you must consider term insurance. This will ensure that your family does not have to face any monetary problems can maintain the same standard of living even when you are not around.

It ensures that Your Spouse is Not Financially Impaired

Nothing can fill the emotional gap, but term insurance can at least fill the financial gap. You cannot predict how long you are going to live, but it is certain that your dependents are going to struggle for money in your absence.

Even if you get a pension, the source of income will stop post your demise, it will become difficult for your spouse to even pay for the routine expenses.

If you still haven’t done any financial planning, it is recommended to do some financial arrangements, with a term insurance plan. It will save your dependent spouse from financial crises.  The insurance amount is either paid in lump-sum or in monthly installments to meet the day-to-day expenses.

Helps in Meeting Pending Loans and Debts

If you are concerned who will pay off the loan or debts if you are gone. If you do not want your loved ones to go through financial distress, it makes sense to buy a term plan.  Should there be any such unfortunate situation, your family would already be emotionally stressed and financial burden will no less than double whammy.

If you do not want to burden your family members for any of the loans that you have availed in your life, be it a home loan or personal loan, it is recommended to have sufficient term insurance cover.

It will assist your family to deal with such outstanding loans. As the remaining loan amount can be met with the sum assured that they will receive after your demise.

Helps in Meeting Important Financial Goals

Some of the important milestones for a married couple are their children’s education and marriage. And who will pay for it after your sudden demise if you are the primary source of income for the family? But if you buy a term insurance policy your children will be able to continue their school, higher education and even get married using the sum insured amount. If you are wondering how much should be enough? Well, the thumb rule is to have a life cover of at least 10 to 15 times of your annual earnings and adding up the coverage amount keeping in view the long-term goals.

Financially Secures Your Dependent Children

If you have children who are financially dependent upon you, then imagine the financial wrath they will have to bear in your absence.

In the event of your untimely death, your children’s dream of higher studies or a plan for a decent marriage may get jeopardized. That’s why opting for senior-citizen term insurance is a wise decision, as it will take care of all the pending expenses.

Parents love their children selflessly and term insurance is one such way of expressing your unconditional love. Do not let any such unfortunate event change their lives.  Offer them a lifestyle that they should have even when you are not there to look after them.

Helps You Bestow a Legacy

Anyone who would like to bequeath an inheritance for their loved ones can buy term insurance in their lifetime.  Once you are gone they will receive a lump-sum amount and they will thank you forever. So, buy term insurance to ensure a peaceful and respectful life to your loved ones, even when you are not around.

As married people have more responsibilities it makes sense to secure the lives of your dependents.  Simply asses your future financial requirements, and choose an adequate term insurance plan by researching online and live a peaceful life.

Conclusion

If you want that your absence should not impose a burden on your family that is only possible with some financial planning. You can see how with sufficient term insurance cover, you can cherish all your happy moments and make a fine cushion for your loved ones. Earlier it might be a lengthy process but now you can easily buy term insurance online.

So, why let your dependents suffer in your absence when you can secure their future with a term insurance plan. If you still haven’t bought one, it is still not late to buy a term plan.

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About FinanceGAB

Ajeet Sharma is a financial blogger and I am blogging since 2017. Financegab is a personal blog dedicated to personal finance. The main aim of this blog to help people to make well-informed financial decisions.
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