fam_bgr (34).jpg fam_mob (33).png

Life Insurance Products Catering to Retirement Needs

  9/9/18 9:38 AM

Product Enquiry

Blog Title

462   | 

You may not see life insurance as an essential and vital part of a retirement income plan. You may believe that life insurance primarily is a way to protect families from the early loss of an employed person in the working years. Though, with an evolution that has taken place in the life insurance industry. It is no longer only catering to the customer’s protection needs. There are plans which cater to an individual's retirement, investment and saving needs.

Life insurance plans are good instruments to meet your retirement goals. It can help to protect your income, provide tax-free cash flow, help manage taxes, provide peace of mind to families, and even improve the total returns in a portfolio.

When one spouse passes away during retirement, the existing spouse struggles to meet their income needs. While expenses might be lower, the drop in expenses seldom offsets the fall in income. Therefore for many couples, life insurance can be used to make sure that there is enough money to replace any lost social security or other retirement income. The surviving spouse is able to keep up his or her current standard of living during retirement.

You must ensure to investigate the ways life insurance could fit into your retirement plan. Not everyone’s requirements are alike.

Unit Linked Insurance Plans are market-linked products that combine both insurance and investment. The ULIP plans let you enjoy a life cover as well as provide you an opportunity to earn market linked returns. For those buyers who are nearing retirement and who want to avail the dual benefits investment cum insurance backed up by flexibility, Unit-linked insurance plan are the best investment plan option for them

ULIP plans are transparent in nature and offer great features in minimum charges. It offers flexibility to switch over funds. It has different premium paying frequency. It offers rider options for additional coverage and tax benefits.

It’s imperative for both working and non-working spouses to have life insurance. The non-working spouse needs to be insured to cover the cost of childcare and other household management work that the surviving breadwinner will now have to pay for. It provides the basic financial protection to your family if you pass away before you’ve accumulated enough savings for them to live on

Related Blogs

Related Assets

ayoung_340x241
# life-insurance-simplified

A Young Man's Journey to Become Financially Wise

30 Jun 2023

346
benjamin-davies-FiZTaNTj2Ak-unsplash
# life-insurance-simplified

Not 10, Not 15, But 21 Reasons to Buy Life Insurance!

29 Jun 2023

1015
myths340x241
# life-insurance-simplified

16 Common Insurance Myths

03 Jul 2023

2102
fam_mob%20%2847%29
# life-insurance-simplified

Will Your Provident Fund Be Enough for Retirement

11 Jul 2023

1654
fam_5_mob%20%2819%29
# investment-security

4 Money Management Lessons from Women For Men

13 Jul 2023

481
simplyprotect
# life-insurance

5 Reasons Why Edelweiss Tokio Life

30 Jun 2023

772