6 Types of People Who Need to Stay Insured

2-August-2021 |

Insurance is one of the important pillars of a solid financial plan. With the help of a life insurance savings plan that offers guaranteed1 returns, one can easily think of achieving all their goals while being protected by a life cover. However, not everyone’s needs and goals are the same; be it a working professional or an artist, the aim of life insurance is to ensure financial protection for all, based on one’s needs and budget. With that in mind, let’s look at six categories of people who need a life insurance policy.

The importance of life insurance should not be undermined. Irrespective of our age, professions, and gender, each one of us has risks that we want to cover and ensure financial support for our families. Life insurance provides protection for our family in case of any unforeseen circumstances and help them lead a secure life

 

     1) Single parents

As a single parent, there are huge responsibilities one has to shoulder on their own. This includes raising your child, getting a good education for them, managing household expenses, and also saving for your own and your child’s financial future.

A single parent, who needs life insurance can consider a flexible life insurance plan that helps them meet all of the above goals and also ensure that their child can carry on with their dreams and ambitions in case of an unfortunate incident. A flexible guaranteed1 returns plan that offers a choice between a regular income and endowment can be a good choice for a single parent.

 

     2) Professional Artists

Everyone has their bills to pay and a life to lead; however, the inflow of finances is not the same for everyone. Artists in different fields - be it fine arts, music, dance, etc., - rely on the availability of good opportunities to not only earn money but also boost their professional prowess. Hence, coming up with a regular income for artists is a difficult task.

With the help of an insurance savings plan, an artist can create a financial backup plan that not only provides a regular and guaranteed1 income to them but also ensures that their family is safe and secure if there is a shortage of finances.

 

     3) Double income, no kids

Most of us feel that two earning members in a family with no children will not face any shortage of money and don’t need to be protected by life insurance. However, one could not be more wrong! Even in a family where both partners are earning, there are still financial liabilities to look after. Apart from household bills and other expenses, such people also need to wisely plan their retirement and start saving accordingly.

A guaranteed1 income life insurance plan can play a major role in helping such couples build a robust retirement plan so that they are well-equipped to handle future medical emergencies through their own finances!

 

     4) Those opting for voluntary retirement

The trend of becoming Financially Independent and Retiring Early (FIRE) has been rising in the past few years. How does this work? People start by saving and investing the majority of their paychecks into their retirement corpus. Once they achieve their desired financial target, they opt for retirement.

With the help of a monthly income plan, one can choose to retire on their own time after having saved a good amount of funds for the future. Such a savings plan will ensure that their future needs after an early retirement are not hampered by the shortage of financial resources and that they can comfortably earn a monthly income through their life insurance policy!

 

     5) Parents of children with special needs

Taking good care of children is an expense. And when there are special needs to look after, no parent would want to settle for anything less than the best. Many children with special needs may require extra coaching classes, private lessons on extra-curricular activities, home-schooling with a personalised syllabus and even special medical attention. While all these expenses can seem humongous, the right insurance savings plan can help such parents give their children a comfortable and loving life.

Additionally, the life cover in such an insurance plan can ensure complete financial security for the child in the absence of the parents.


     6) Adventurers/Explorers

A lot of people like living life on the edge and sometimes, that is literal. Mountaineers, adventure sportspersons, explorers, etc., have jobs that need them to come face-to-face with nature and her fury. Even those with risky professions such as mining and defense are out there risking their lives to keep the economy and nation going!

At such times, the worry for one’s family’s future can weigh heavily on one’s mind. But the presence of a life insurance plan removes the uncertainty as it ensures that the policyholder’s family will be able to lead a financially secure life, even if something unfortunate were to happen.

Some of the other benefits of buying life insurance for the people in the above categories

  • One can have peace of mind due to the life insurance coverage provided by the policy and can focus better on their jobs.

  • Early retirement plans/goals need not be derailed by the costs of a medical emergency.

  • People need not worry about the financial security of their families, especially their children.

  • Those with long-term goals can dream big because, with a proper savings insurance plan, these goals can be easily achieved.

Savings Solutions from Tata AIA Life Insurance

Tata AIA Insurance offers a range of insurance savings plans that offer the dual benefit of assured returns and life cover. Protection under the plan can also be extended to your spouse by using the relevant benefits and the coverage can be enhanced with appropriate add-on rider# options.

The plans are flexible and allow the policyholder to choose the premium payment term and the policy term. A life insurance savings plan also guarantees1 regular income along with other endowment benefits.

One can know more about the plans from our official website.

Conclusion

If a person does not come under any of the categories mentioned above, it does not mean that they need not be covered by life insurance. On the contrary, the core of any financial plan or a budget is an insurance policy. Hence, one should not delay getting an amazing insurance plan and live the rest of their lives protected from the uncertainty of the future.

The amount of life insurance each person needs can depend on a variety of factors. These include but are not limited to the profession, number of family members, amount of risk to be covered, medical history and our present and future needs. With the help of online life insurance calculators, knowing how much life cover you need is a quick and easy process!

L&C/Advt/2021/Jul/1222

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Disclaimer
  • 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 they 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 does 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

  • 1Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry

  • #Riders are not mandatory and are available for a nominal extra cost. For more details on the benefits, premiums and exclusions under the riders, please refer to the Rider Brochure or contact our Insurance Advisor or visit our nearest branch office.