3 key insurance plans Gen X needs to invest in
People born between 1965 and 1980 are called Gen X. Gen X is a generation who have been through financially instability during the dotcom bust of the 90s and the recession of 2000s. People from this generation are in their 40s and 50s now, with the responsibility of providing for their children and looking after their parents. Without proper financial assistance, they could be caught in a peculiar situation. To be able to financially support those who are dependent on them as well as lookout for themselves, people from Gen X need to invest in good insurance plans. Listed below are 3 such plans that can ensure financial safety for themselves and their loved ones:
Life insurance plans for optimum protection Life insurance plans can help in mitigating the financial burden caused due to unforeseen events like illness, disability, or death. A life insurance plan can provide security to the dependent while regular income ceases due to unexpected events such as disability or death. Apart from death benefits, a premium insurance plan can offer various other benefits to handle life events with ease. Some of the premium insurance brands also offer facilities of partial withdrawal when an individual needs cash. Such insurance plans can also offer protection for an individual's money against market volatility. Life insurance plans also offer payouts in the event when an insured encounters accidents or illness that damages major organs. Education plans for kid’s future education Higher education for kids can be an important milestone to be achieved by an individual. Timely planning is an important factor to be considered when it comes to the future education. Investing in an education plan can help an individual be ready for the future cost of education. With a steady rise in the cost of education, an endowment/savings plan can help an individual to save in small amounts for longer durations to achieve the milestones. With a good education plan, an individual can choose the premium terms for up to 30 years. This can help an individual balance the present priorities of life while making future investments according to their terms.
Hospitalization plans for aged dependents Generally, medical expenses increase as one age. With frequent check-ups, diagnosis, and treatment needs, the cost of medical expenses can be exorbitant. A hospitalization plan can provide coverage against both pre and post hospitalization expenses. Rising health care cost is one of the major concerns in today's times. Alongside the advancement of medical facilities, the rise in the medical expense is also a reality. A medical insurance plan can be useful for covering up to 95% of medical expenses making a lesser financial burden for the individual. Gen X needs to have the right financial plan to make sure they can secure the future for themselves and their family. For the same reason, proactive investments are necessary. The three key investment areas namely life insurance plan, education plan, and medical plan can serve as a financial protection for an individual and their family in the long run.
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