Depending on the money you have to work with after addressing the bills that support your life today, options can range from low risk, low interest savings accounts to higher risk, and potentially higher reward investments in the stock market and other investments. An option in the middle of this spectrum that is accessible for individuals with virtually any amount to contribute is insurance. It not only delivers guaranteed funds for the moments you and your family need it most, but also can be a vehicle for investment that begins to build generational wealth and ensure an income stream throughout your life. Although there are experts who may offer money saving tips that value one type of financial planning vehicle over another, the reality is that your financial portfolio should be diversified to include a healthy mix of all of these options.
As we all know, life can quickly get in the way of plans for tomorrow, especially when there are pressing matters today. However, making plans for your future self and your family after you are gone are not tasks that can continue to be put off until tomorrow. Purchasing an insurance plan to help you accomplish one or more of these goals allows you to stay focused on the present, while keeping an eye on the future. After all, you deserve the peace of mind of knowing that your hard-earned money is steadily building to support the momentous occasions we share with family and friends. For each life event, there are various types of policies that are ideally suited to what you may need at that stage.
Starting the marriage journey
The decision to pursue your life journey in parallel with another person is not one to be taken lightly. It is a joining of two lives, two families, and two financial situations. The magnitude of this decision is reflected in the immense scale of Indian weddings themselves. Insurance policies that your parents purchased to save for your future, such as the PNB MetLife Guaranteed Future Plan can contribute to the wedding day. After the wedding, you and your spouse may also consider purchasing a term plan with joint life coverage to ensure that either of you can avoid financial hardship in case of the death of the other. Term insurance can also start you off on the path toward saving for a first house or other large purchases along the way.
Giving your child a high-quality education
Then as you grow your family, a new priority that arises is making provisions for your child’s future – including education, their wedding, or other needs they may have. Insurance plans include policies to minimize financial hardship and guarantee that the vision for your family can remain intact, even if you become permanently disabled or are no longer around in your prime earning years. Some policies also allow you to save or make conservative investments in equities over the long-term to guarantee that the money will be there for your child when they need it. Child education solutions, such as the PNB MetLife Endowment Savings Plan Plus, allow you to start early to save for your child’s education and provide life coverage for your family if something happens before the policy matures.
Reveling in your retirement years
Then, when it is time to enjoy your golden years and the fruits of your years of labor, insurance policies reaching maturity can deliver a lump sum or guaranteed income to support daily expenses. Whether you began saving for retirement at the start of your career or kick started your planning later, insurance policies like the PNB MetLife Immediate Annuity Plan can ensure that you are covered when your retirement date arrives. That way you can live the independent and fulfilling life you envisioned for your later years.
Dignified end of life
In our final moments, we often think about our legacy and how our family will fare in our absence. Insurance plans including the PNB MetLife Mera Wealth Plan help you build wealth that you can pass along to your family.
Life insurance is a valuable go-to option to include in a diversified financial portfolio to cover all of life’s major milestones. Speak to a financial advisor about the right life insurance policy to suit your current life stage and long-term goals.
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
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