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6 Unexpected Ways Life Insurance Can Help Protect Your Family’s Financial Future

By : Bajaj Allianz Life

The rising instances of lifestyle diseases have made owning a life cover not optional but mandatory. Unhealthy eating habits and sedentary lifestyles have made such medical emergencies and chronic ailments much more common. According to the India Fit Report by GOQii (2019)1, diabetes has increased by 40% and blood pressure by 90% in Indians under the age of 45, while cholesterol records a 135% increase in the same age category. Such a staggering increase in lifestyle ailments indicates that remaining prepared for future financial emergencies is not just prudent but rather necessary.

This is where owning a life cover comes in handy. Life insurance policy payouts may not just help you cover the financial burden of such conditions, but also lets you plan and secure the financial future of your loved ones, in the event of your untimely demise.


6 Ways a Life Insurance Plan Secures your Family's Financial Future


1. Meet Unexpected Medical Expenses

Given the precarious nature of our lives, no one can predict when you may have to deal with medical emergencies and challenges. Life insurance riders like a critical illness cover, help keep you safe from the treatment costs associated with conditions listed under this rider.

Opting for such life insurance riders can also help ensure that your medical needs are sufficiently met without financially burdening your family.

2. Fund your Children’s Education

By opting for a life insurance policy, you ensure that in the event of your unexpected demise, your children’s future will not be left hanging in the balance. If you own a life insurance policy, dedicating a part of its death benefit pay-out to your children’s education fund may prove to be prudent in case of your untimely demise.

You can also save up for your child’s education with a child insurance plan. Funds from the latter can be withdrawn as per policy terms and conditions –even during your lifetime of policy- to bear the cost of your child’s education.

3. Meet your Family’s Expenses and Unexpected Costs

Your family’s quality of life shouldn’t be affected by your untimely demise. By buying a life insurance plan, you may help in ensuring that their financial needs are sufficiently met in your absence. If you happen to be the sole earning member of the household, owning a life insurance policy becomes even more crucial.

In such cases, the death benefit pay-out from your policy can be used by your family to meet monthly and day-to-day expenses in the absence of a permanent source of income. Thus, this pay-out can help replace the loss of your income. Additionally, your policy benefits can also help cover your funeral bills, estate settlement costs and other unpaid obligations.

4. Secure your Business

A life insurance policy might also aid you in safeguarding your business if you are no longer able to do so in this lifetime. If the debt of the business is paid off, it may save the family from falling into complete financial catastrophe.

5. Cover Debt Payoffs

When looking to secure the financial future of your loved ones, you wouldn’t want them to deal with a corpus of debt after your death. By buying a life insurance policy, you can help in ensuring that your debt payments are covered, and your family remains financially stable.

The death benefit pay-out from your policy can be used by your family members to make mortgage payments and pay off any outstanding loans and credit card debts. This will help mitigate the financial burden on them when they are still trying to cope with the loss of a loved one.

6. Ensure a Comfortable Retirement

You can invest in pension plans that are specifically designed to ensure a comfortable retirement for the policyholder. With these types of life insurance plans, you can get a fixed monthly/annual pay-outs after the age of 60 which can support you well into your retirement.


Wrapping it up


Picking the one of the preferred life insurance policy for yourself can take a while. But you need to invest both time and effort to assess your life goals and enjoy comprehensive coverage. Doing so will help you pick a plan that’s suited to help you achieve your life goals. However, once you’ve done this, you can rest assured that your family will remain well-protected financially, even in your absence.




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2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

In this policy, the investment risk in investment portfolio is borne by the policyholder. Investment in ULIPs is subject to risks associated with the capital markets. The policy holder is solely responsible for his/her decisions while investing in ULIPs.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. 

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on carefully before concluding a sale.