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5 Life Events When You Must Review Your Insurance Coverage

02-08-2022 |

Financial independence for your family cannot be a static goal. Instead, it should be planned and modified for different stages in our life. It is the best way to ensure a consistent standard of living for your family.

A term insurance plan can provide such financial independence to your family in case of your unexpected demise. In addition, it will ensure a high sum assured for an affordable premium rate. However, you have to review the insurance coverage as you progress in life when the commitments increase.


 

What does Reviewing Life Insurance Mean?

 

Reviewing your life insurance plan means increasing or decreasing the life coverage offered by your plan based on your increasing commitments during the policy term. TATA AIA term policies offer flexibility to increase term plan coverage at specific stages in life. You can avail of this benefit as per individual preferences to provide maximum protection to your family.

 

Here are five life events when you have to review your insurance coverage.

 

1.When you get married: Marriage is an important life event. You will get to share your life experiences, good and bad, with your life partner. However, it is also the time when your financial expenses increase in varied dimensions. You will enhance your standard of living to accommodate the requirements of your spouse to ensure a satisfying married life.

As an important responsibility, you should ensure the same living standard and financial security throughout your life and even beyond for your spouse in your absence. Hence, it is best to plan a budget, considering the short-term and long-term financial goals, and ensure it is followed.

In your absence, the death benefit from the term policy will suffice for the requirements. However, you have to review the insurance coverage at every stage based on the budget plan. Insurers offer flexible options to increase the cover and manage your family’s financial security better.

 

2.When you avail loans: The next important stage in your life is when you increase your asset base. For example, you could decide to purchase a new house, car etc. To manage the finances required to accomplish such life goals, you will avail of loans from financial institutions. It is a much-appreciated effort because you are organizing your income to increase your investment.

However, the loans are a liability to be paid with interest. You would have considered your steady flow income and your employment phase for the repayment. But in case of your unexpected death, the liabilities should not increase the financial burden to your family. Therefore, it is important to review your coverage in the term policy for paying off the debts in your absence.

 

3.When you become a parent: After your marriage, sooner or later, the next important life event is when you become a parent. It can be the happiest moment in your life. However, it will add to your financial responsibilities. You will have to take care of your child’s schooling, higher education, marriage etc.

Considering the commitments at a younger age, a term insurance plan you purchased early in life may not satisfy the requirements after you have children. Therefore, you have to review life insurance and increase the cover based on the short-term and long-term goals that you have planned for your children.

 

 

4.When there is an unexpected event requiring financial outflow: Unexpected events can happen at any point in life. It cannot be predicted but can be handled. For example, suppose your spouse, an earning member of the family, meets with an unexpected death. In that case, it can affect the financial security of your children or other dependents such as parents.

You can review the life insurance coverage at this stage and account for the increase in expenses. There can be another scenario when you are likely to get affected due to a critical illness. For example, if your mother is diagnosed with cancer in the late sixties, you are highly likely to get affected.

Hence, you can review the coverage and include a critical illness rider# as part of your insurance plan. It will make the insured amount payable for your medical expenses during the policy term. Online term plans provide the advantage of making any changes to your existing plan cost-effectively.

 

5.When you retire and have dependents: Retirement is the final and yet the most important event in your life. At this stage, you might have completed or accomplished all your financial commitments and goals. However, it is likely that you have dependents even at that stage. For example, you will have your surviving life partner.

Therefore, you have to ensure to increase the life cover based on the expenses that might incur in your absence for ensuring a comfortable life for your spouse. A definite consideration will be medical expenses that keep increasing with age. The customer service executive team are extremely kind and help you at the TATA AIA life insurance review.


 

Conclusion


Life insurance is an extra layer of protection that you have to afford for your family members at different stages in their lives. Purchasing life insurance early in life is certainly a good saving. However, it can provide maximum protection when you review the life insurance cover after every important life event, such as your marriage. It has to be revised when there is an unexpected incident that will drastically affect the family's financial situation in any way.

 

You can purchase term insurance in India from Tata AIA Life Insurance, keep note of your expenses and review it as and when required for ensuring maximum protection for your family!

 

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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Disclaimers

  • Insurance cover is available under the product.
  • The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
  • #Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch