How An Insurance Savings Plan Can Help Couples Achieve Future Goals
Marriage often marks the start of new beginnings in life for a couple. It is an extremely exciting time to plan milestones and financial goals together. As responsibilities set in – such as buying a home or starting a family – it will get harder to set finances aside for your retirement years. It is wise to consider creating a corpus of funds in the present so that the future is smooth. An insurance savings plan can help you in this matter. Today, we will take a look at how an insurance savings plan can help couples plan their future goals with ease. • Plan for major expenses in the near and distant future As a couple, you may be making plans for the future. You and your partner may envision building your own home together and buying a car in the years to come. You will even plan for bigger goals, such as starting a family and sending your children to university. Squirrelling away small sums of money in a bank savings account may not suffice for such dreams. You need a more concrete plan. An insurance savings plan may be just what you need. You can either pay a single one-time premium towards your plan or make regular premium payments. A one-time lump sum premium could be a great way to get started on your savings goals as a couple before other responsibilities set in. If you choose to make regular payments, you get to choose your preferred premium payment term.
You can also opt for a savings plan with yearly cash benefits that gives you benefits such as a yearly cash benefit and covers you against death. These plans also offer great flexibility for premium payment and plan term. • Create a corpus of funds for retirement With bills to pay, it can be hard to put aside money to save. And, the years can roll by so quickly without you even noticing. A retirement insurance plan is a type of insurance savings plan that can help you create the savings you need for your retirement years. This way, you and your spouse can live life with financial independence. A retirement insurance plan can pay you a monthly income upon completion of the plan’s term. You can use this income for your regular expenses so that you can stay financially independent. You can even nominate your spouse to succeed you in receiving the plan’s monthly benefits.
• Enhance your protection with riders Just like life insurance, an insurance savings plan too can be enhanced with the help of riders. These riders can enhance existing coverage you have. A popular option includes premium-waiver riders. This rider waives premiums if you get diagnosed with any of the critical illnesses covered by the insurer. You can also add a rider that waives premiums if you are diagnosed with any early/intermediate stage medical condition. • In conclusion… An insurance savings plan could be the right answer to your search for the perfect way to save money for the future. Do consider speaking to a professional financial consultant for any help you may require in selecting insurance plans. There are different options of savings plan available from leading insurers in Singapore; do choose wisely. We hope that this blog has been an insightful read for you and your partner. Take care.
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