The purpose of life for every individual revolves around financial stability. It is a factor that can accommodate your commitments and accomplish your dreams convincingly. However, financial stability requires huge planning. It should include elements of providing a life cover and a platform to invest and secure returns in the long term. And, that is the ideal purpose of combo insurance solutions. So, who should opt for a combo insurance plan? Let us get into the details and understand better!
What is a Combo Insurance Plan?
A combo insurance plan is a plan that combines two or more life insurance plans that provide a life cover, savings benefit, and an investment solution. Therefore, you can invest in the financial market to increase your wealth. The plan provides a range of benefits and flexible features that help you maximise the returns and secure them for the future comfortably.
Who Should Opt for Combo Insurance Solutions?
An insurance plan is important in the life of every individual considering the pandemic scenario. However, it should be a definite component in the financial plan for the following people.
Sole earning member in the family - If you are the sole earning member, managing the financial commitments at different stages in your family life becomes a responsibility. It would help if you satisfied the commitments, saved for the future, and secured your life to help them balance the financial stress in your absence. Therefore, a financial product such as the combo insurance plan that serves all the requirements will be a perfect solution.
People planning to increase their asset base - If you plan to increase your asset by purchasing a new house or a car, you need a lump sum to pay for the down payment to avail of a loan. Looking for a financial resource in the short term can be difficult considering family commitments. However, you can save in this insurance plan and take a fraction of the assured returns after the lock-in period to pay for the down payment and continue investing for more returns.
People planning to go on a vacation - Exploring the world with family is a way to take a break off from the sedentary lifestyle. It can relieve you from financial and emotional stress at different stages in your life. If you plan on a world tour, then the funds required for the travel and other expenses have to be planned well in advance to have a peaceful and safe trip. A combo insurance plan can provide the fund required when the policy matures.
Businessmen - People learning to become entrepreneurs in the global world today have to ensure financial stability to face the difficult situations in life to keep moving. Therefore, if you plan to start a new business or expand it to include a larger product base, you must ensure sufficient financial resources to invest in the business and manage your family commitments simultaneously.
People planning to go on sabbatical leave - If you dream of studying in a foreign university, you might go on sabbatical leave. Therefore, it becomes your responsibility to prepare funds to take admissions and ensure financial resources to manage your family expenses during the course. If you have made a smart saving by purchasing the combo insurance plan, you can take the lump sum benefit or the regular income option and manage your financial expenses.
People planning for retirement - If you plan to retire early in life, you must ensure financial resources to manage your family expenses. And, if you have your spouse and parents depending on your income for their survival, then securing their life will become a priority considering unexpected scenarios such as the recent pandemic. Combo insurance products provide the necessary financial assistance such as the life cover, savings plan option, and investment benefit. It will help you allocate the necessary funds for a long-term secure life.
People looking for funds to accomplish money goals - Your money goals keep increasing after your marriage. It will be based on the earnings of your spouse and the number of children, and their future plans. For example, suppose you plan to get your children admitted to a foreign university for their higher education or plan for marriage to a foreign destination. In that case, you have to ensure sufficient financial resources for the same at the exact time. Saving in such combo insurance plans can provide the maturity benefit as required while ensuring a death benefit in case of your sudden demise to help your family accomplish the money goals.
A savings plan with life cover is one of the ways to engage your financial commitments while securing your family's financial future in your absence. Every individual will have varied financial plans to manage the expenses, such as going on a vacation, taking a sabbatical leave, starting a new business, etc. Therefore, adequate financial planning becomes a necessity. And, it is a must for the sole earning member in the family having increasing family commitments.