Here’s How Life Insurance Will Be The Best Gift For Your Spouse
As an Indian, gifting is central to our culture. When you gift someone something, you show them that you care. It is a sign of love, concern, and closeness that makes you think of a thoughtful gift that will both be practical for them and also a memorable one.
What better gift to give to your spouse on their special day than a gift of life and financial security? Why not give your spouse a promise to take care of them even in your absence?
Life insurance policy may seem non-glamorous, but the support it can lend to your family in case of your unfortunate demise will be priceless. Imagine if something happens to you, do you want to leave your spouse fending for everything on their own? Your child’s education, your parents’ medical bills, the lifestyle expenses, the car and auto loan? All these walls will start closing in within a matter of days. However, your gift of life insurance this anniversary is the perfect way to tell them that you will be there in spirit, even when you are not there in person.
The meaning of life insurance is to ensure a financial safety net for your loved ones that will not only help them live the life that you lived together but also allow them to fulfil all the short-term and long-term goals that you had both planned. At the same time, investing in an insurance policy cultivates a strict saving mechanism in the form of regular premium payments. There are different plans of life insurance in India that help you meet your financial goals with a robust arrangement.
Benefits of investing in a life insurance policy
When you invest in a life insurance plan, you provide your spouse with financial protection, in case something happens to you. Most plans offer flexibility to cater to various life stages, such as the ability to increase the coverage amount when you get married or when you have children. These elements allow you to make your partner feel inclusive in your life’s plans.
Let us now discuss how and why life insurance an appropriate gift for your spouse.
- Meeting with immediate expenses, if any
As soon as the shock of losing your spouse subsides, the reality will set in. You have bills to pay, home instalments, school fees, medical expenses of your parents, and other day-to-day expenses. When you gift a life insurance plan to your partner, they become eligible for the tax-free death benefit that will be given to them by the insurance provider. This sum can be used to pay for the family’s expenses and get their lives back on track.
- Actualizing important life goals
As a couple, you may have several dreams and aspirations that you dreamed together and look forward to accomplishing together. By gifting your spouse with a life insurance policy such as a Unit Linked Insurance Plan or ULIPwill help you meet your short-term and long-term goals in a planned and systematic manner. A ULIP plan not only guarantees protection in the form of lump-sum payout at the time of your untimely death, but its investment component silently works in the background to build you a corpus of funds. This money can be withdrawn after the initial lock-in period.
- Maintaining a standard of living
You have a particularlifestyle that you have both worked hard to achieve as a family. You work hard to pay for the all fine things that you are used to and have given your children a comfortable lifestyle. However, in case your spouse succumbs to a severe illness or passes due to an accident, the loss of income will create a financial void that becomes hard to maintain one person’s salary. However, the sum assured obtained from the life insurance will help them lead the same life that you had both planned and envisioned for yourself as a family.
- Leading a life of Dignity without depending on anyone
If you are the sole breadwinner in your family, then the last thing you want is your spouse and children to face any financial turmoil in your absence. By making your spouse the beneficiary of your life insurance, you are assuring them that even if you are not around, they don’t have to depend on anyone else to live their lives in comfort.
Life insurance is a must-have in your financial portfolio. It helps secure your family’s future and also saves you taxes along the way. This is the best way to show to your partner that you are sincere with them through sickness and health and life and death!