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Life Events That May Make You Review Your Term Insurance


Sep 22, 2022

By : Bajaj Allianz Life

Life is a journey; along this journey, you face various milestones that give your life a new direction. When buying a term insurance plan, you might assess your financial needs when choosing the sum assured. However, these needs don’t remain constant. As your life stage changes, your financial needs change too. That is why reviewing your term insurance plan at regular intervals is imperative. This review helps you assess whether the coverage is sufficient or not. Moreover, a review becomes all the more relevant after every major life event because the event might increase the coverage requirement.


5 major events in your life when you must consider revisiting your Term Insurance cover


Here are five major life events that necessitate a term insurance review and a modification of the sum assured –

1. Marriage

After you get married, you not only get a new companion, but you also get an added responsibility. Your lifestyle expenses may increase, and so does your household budget. This increases your financial requirements demanding an increase in your term insurance coverage too.

What should you do?

Review your term plan’s sum assured and ascertain its sufficiency. You can use a term insurance calculator for the same. If you have a high sum assured that would cover your newly added financial responsibilities, you are in the clear. However, if the coverage is low, you need to consider supplementing it.

2. Parenthood

Becoming a parent is a proud and happy moment for couples as a baby is a bundle of joy for parents. However, besides joy, a baby also brings added financial responsibilities as you need to plan for your child’s financial future. Given the increasing cost of education and upbringing, a solid financial foundation is essential so that your child’s dreams are not threatened.

What should you do?

The birth of a child also calls for considering enhanced term insurance coverage. So, check whether your existing coverage would be able to finance your child’s upbringing and higher education in your absence besides meeting other financial goals. If there is any shortfall, you need to consider making a provision for it.

3. Job change or promotion

A job change or a promotion might give your income a boost. An enhanced income might lead to an enhanced standard of living, and you might also plan for new financial goals. For instance, you might eye buying a car or a home for your family after you get a promotion or change your job.

If your financial goals increase or if your cost of living goes up, you need to consider reviewing your term insurance coverage to check if it is sufficient to account for the increased financial needs.

What should you do?

Supplement your term insurance cover if needed. An enhanced income might allow you to pay the additional premium required for higher coverage. A higher coverage would ensure that your enhanced financial liabilities are taken care of, and you can get the desired term insurance benefits.

4. A new debt

Opting for a new debt also necessitates a term insurance review. This is because the debt is a financial liability that you need to take care of. In your absence, the debt burden would fall on your family, who might struggle to pay it off. So, when you opt for a debt, which is of a considerable amount, like a home loan, insure the debt against a possible repayment default due to premature demise.

What should you do?

You can opt for an independent term insurance plan to secure the repayment of your debt. Mortgage redemption plans are designed to handle the outstanding debt burden in your absence you can opt for such plans to secure your debt. Alternatively, you can consider investing in a new term plan meant to cover any outstanding loan in your absence. The plan would keep your family debt-free when you are not around.

5. An unexpected change in your life

Any unexpected life event also calls for a review of your coverage. Common examples include a loss of job, leaving your job to start your own business, divorce or separation, death of the primary earning member of the family, etc. In these cases, your financial responsibilities might change. As such, you need to check your term plan for sufficient coverage.

What should you do?

Check your financial position after the unexpected event. Try and consider continuing your existing coverage by paying regular premiums. If possible, consider investing in a new plan for enhanced coverage so that you might take care of the increased responsibilities.


How to review your coverage?


Many term plans come with a milestone benefit wherein you can enhance the coverage at important milestones of your life, especially marriage and childbirth. Check if your plan has the feature. You can exercise this term insurance benefit and enhance the coverage if it allows. However, if the feature is not available, you may consider buying a new online term plan with the coverage that you need. The added online term plan would supplement your aggregate coverage and help you secure the additional financial responsibilities that you have.

Also, review your coverage regularly to ensure it keeps pace with inflation. Use a term insurance calculator and find the suitable sum assured. An optimal coverage is essential for complete security. So, ensure that your coverage remains optimal at every changing phase of your life.


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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.

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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.