Insurance is one of the most essential financial products you will ever purchase. Your insurance coverage will keep you secured against the many challenges and unexpected problems life throws your way.
Given the important role that it plays, insurance is not something that you can buy and forget about. You need to keep reviewing your coverage to ensure that you have protection at every stage of life. You have probably heard people tell you that you need to revise your insurance from time to time. However, this might leave you wondering — when exactly should I be reviewing my insurance?
In this article, we list out the crucial moments in life when you need to review your insurance plans to make sure that you are indeed holistically protected.
1. When you buy a house
Buying a home truly marks a milestone in your life. Your home is not just a place to stay but, an abode where you make memories and share special moments with your loved ones. So, you need to secure your family members in case of any unforeseen events. One way to do stay protected is by taking a mortgage insurance plan. Mortgage insurance will take care of any outstanding payments should you unfortunately pass on. Having this coverage will prevent foreclosure and ensure that your family keeps a roof over their heads. Many mortgage insurance plans also offer riders that waive your premiums if you are diagnosed with certain illnesses covered in the policy.
2. When you tie the knot
When you get married, you now live for each other. Everything you do, you do together. Therefore, it would be wise to review your insurance coverage after tying the knot so that you can now have an insurance portfolio that jointly works for you and your partner. You might want to consider revising your current coverage in life insurance and adding your partner as a nominee. You might also want to invest in retirement savings plans together. Furthermore, you and your spouse could also invest in or investment-linked plans (ILPs) to broaden the scope of your insurance portfolio.
3. When you become a parent
Becoming a parent is a life-changing experience. You are now responsible for this tiny human whose future depends on you. You would want to keep your child secured no matter what happens. Therefore, make sure to revise your insurance portfolio right from the moment you plan to become a parent. You need to start off by buying maternity insurance prior to your pregnancy. You also need to invest in newborn health insurance. Finally, you must plan ahead and consider an insurance savings plan as a means of saving for your child’s higher education.
Remember, when it comes to insurance, it is never too early to begin enhancing your coverage. Make sure to speak to an insurance consultant today to discover the plans that will work best for your goals. We hope this article helps you. All the best!
