Insurance for every Stages of Life
The need for life insurance can be traced through every stage in a person's life. From Term Insurance or Pure Risk cover, the cheapest and purest form of life insurance which addresses loan protection and financial loss on death, to Endowment Plans, both traditional and market linked, that help in savings and investment for future goals and events, to Pension Plans that look after post retirement income replacement, life insurance products can offer solutions for comprehensive financial planning.
Because of the ongoing need and changing situations, it is helpful to have a financial planner assisting clients in making the right choices, and making changes when needed. A helping hand will always help the client buy what's right for him. The following is a typical evolution of life insurance needs:
Early 20s: Single and starting a career -- at this stage in life, where one is free to fend for himself/herself, the need for life insurance is low. However, with age on one's side and the anticipation of responsibilities and liabilities that are about to start shortly, a term plan can be considered as an initiative for the future. With income not sufficient to support a savings plan, term plans will provide the right cover with a more affordable premium.
Late 20s & 30s: Marriage, liabilities and setting goals -- at this stage, life insurance plans can provide both protection as well as an investment avenue for future goals. Liabilities are at the forefront when thinking of securing the family's future. One needs to ensure that liabilities are covered so that the family is not bogged down with the burden of paying them off with the loss of their earning member. Next step is to take sufficient insurance to ensure that the family will be provided for, continuing the same lifestyle that they are accustomed to. Term plans, even though possessing no maturity benefits, can provide just the right amount of protection needed for this. To protect and save towards future goals, one can look at a combination of endowment or children's plans (depending on the goals) and term plans, depending on the affordability of the same. 
Late 30s till retirement: In addition to all that is mentioned above, one also needs to start planning for the retirement years. Although it is advisable to invest in a myriad of avenues to save towards one's retirement, 10 to 20 per cent of the corpus is recommended to be met though pension/annuity plans which can provide for a steady and reliable income post retirement
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