Insurance for young parents

TomorrowMakers ™

Insurance for young parents

19 March 2018
In all probability, you hadn’t given insurance a thought until your child was born. The following tips will help you simplify the process of choosing the right insurance and the things to take into consideration before buying it.

A step-by-step guide. The birth of a child increasesyour responsibilities. It also means additional expenditure and a whole new set of needs and wants. As a parent, you would want to ensure that all of your child’s needs, from diapers to a degree, are met. The bottom-line is, come rain or death, you need to safeguard your finances so that you can achieve all these goals.

In all probability, you hadn’t given insurance a thought until your child was born.  The following tips will help you simplify the process of choosing the right insurance and the things to take into consideration before buying it.

Step 1: Prioritize your insurance needs

Discuss things with your partner and list down your goals. Identify what you need to compensate with your insurance plan. Remember that your policy needs to cover the expected outflows towards childcare, education, health care, child’s wedding, debts and your own retirement. Also, decide on the yearly amount you can allocate towards insurance without straining your budget.

Check our free Life Insurance Calculator to see how much life cover you need.

Step 2: Search for the best policy for your needs

Make a list of the benefits (cover, riders, payout periods, etc.) you need your policy to offer. Compare them with the policies available in the market. Shortlist using basic criteria like company performance, claim settlement record, dependability and ease of buying.

Step 3: Buy your policy

Once you have clarity about the type of insurance you need and you finalize the insurer, proceed to buy the policy by filling up the policy proposal form.

For a financially secure tomorrow, it is highly recommended that both parents be insured regardless of their employment status.

To read more on how much cover is enough, click here

 
 

MOST VIEWED CONTENT

How to judge a life insurance agent?

How to judge a life insurance agent?

Is your insurance agent good enough?

The Importance of Insurance

The Importance of Insurance

You may think you don't need insurance but you do! Read on to find out why

How to evaluate and compare Insurance policies?

How to evaluate and compare Insurance policies?

When planning to buy a policy, it is important you know your options, and compare the policies on parameters like premium payable, sum assured, tenure and riders so that you can zero-in on the policy that best matches your requirements.

How much Insurance premium do I need to pay?

How much Insurance premium do I need to pay?

Are you paying more Insurance Premiums? Here’s proof that you have to pay less insurance premium than what you think.

9 financial tips for newlyweds

9 financial tips for newlyweds

Because love alone won’t suffice! Marriage is a partnership in every sense. It means sharing time, extending emotional support, getting rich, and growing old together.

5 Odd insurance covers you won’t believe exist in India

5 Odd insurance covers you won’t believe exist in India

Do you have a valuable possession you always wanted to insure but weren’t sure if it was possible to do so? After reading about these 5 strange insurances being availed in India, you’ll have your answer.

Travel insurance facts- travel growth, tourism industry, statistics, growth in insurance [Infographic]

Travel insurance facts- travel growth, tourism industry, statistics, growth in insurance [Infographic]

With International Travel on the rise among Indian travelers, it's more important than ever to educate oneself on the intricacies of Travel Insurance.

boy

We would love to hear from you!

Question, comment or concern? Our contact form is the best way to get in touch. We will respond to you within 5 working days.

NEWSLETTER