5 occasions to re-assess your life insurance coverage

Life insurance is something which you ought to invest in. However, once you lock into a policy, it doesn’t mean that the same policy will serve you for the rest of your life. Here are 5 instances when should reassess your life insurance policy.

1. You’re buying a house

It’s necessary to look at home insurance if you are building your dream home, or you want to renovate your house. Proper home insurance will provide coverage for the actual house, its belongings and all its occupants.

2. You’re expecting a baby

Bringing a child into this world is a big responsibility. Expect a significant rise in your household expenses (ie: baby food, clothes, toys etc). This means that there is a lot more at stake for your new family. As a parent, having enough life insurance coverage will give you peace of mind knowing that your family can maintain their standard of living and secure your child’s future. For more information, check out our article about the importance of having child insurance.

Photo credits: HNB Assurance. All rights reserved. This picture may not be duplicated on other websites.

3. You’re getting married

Congratulations! Wedding planning aside, one of the more important considerations for soon-to-be-newlyweds is taking out a life insurance policy. This will secure your spouse’s ability to pay living expenses, medical bills, vehicle payments etc. What better way to kickstart your marriage knowing that your future is well assured!

4. You’re getting a promotion/new job

This one applies for a lot of people, especially young people. We’ve already mentioned why getting a life insurance policy at a young age is beneficial. However, its worth taking a look at that policy as you change jobs or get promoted.

For example, a promotion would mean that you could invest in a decent vehicle, home or purchase other goods and services as you accumulate wealth. In order to keep up with your bills and maintain your lifestyle, you should consider buying more insurance, now that you have the extra money to do so.

Photo credits: HNB Assurance. All rights reserved. This picture may not be duplicated on other websites.

5. Retirees with an Empty Nest

This may be tough for some parents to hear, but you should be ready when the kids leave home. The big advantage is that your life insurance needs are likely to drop as you only need to depend on yourselves. That being said, you need to be aware that your financial & health concerns are managed appropriately. Thus, make it a point to speak to your life insurance advisor.

Even if none of these 5 reasons apply to you, its still smart to review your insurance at least once a year. The advantage is that you can speak to your advisor and find out about new products/covers which will benefit you, which you may not know about if you didn’t take the initiative.

 

 

 

Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.

5 Reasons Why You Should Look Into Child Insurance this Year

For children, January means a new class, new teachers and hopefully new friends. The new year is a great way to reflect about your son or daughter’s security. Ask yourself: Have you thought about securing your child’s future? Here are 5 reasons to do so.

1. Guaranteed life cover: We mentioned earlier about how under 30’s should take life insurance when they are young and healthy. The same applies to your kids. Obtaining a life insurance policy for your child is a smart investment as it provides them with the life cover they need, should they develop a serious medical issue and in turn gives you, the parent peace of mind.

Let your kids enjoy their childhood, and give you peace of mind with Child Insurance

2. Prepare for the Unexpected I: This is something which everyone avoids, but is important to remember. In the unlikely event that an accident or critical illness were to prove fatal, the last thing you should have to worry about is managing their funeral costs. It makes sense to have a policy which will assist in offsetting expenses, even though we hope you shouldn’t have to.

3. Saving up for education: As a country which takes its education seriously, parents seek to education to improve their child’s future. A child insurance plan comes handy here as the sum on maturity can help to ease the financial pressure off you, meaning you have to pay less in the long run.

4. Prepare for the Unexpected II: Life has numerous uncertainties. If you or your spouse were to get struck down by a critical illness/accident , you would want to keep your child’s future secure. For example, our ‘MyChild’ policy (formerly called ‘Dedunu’) provides the child with the sum assured at maturity if the parent were to permanently disabled. The sum assured doubles if the parent(s) were involved in an accident.

5. Collateral for Loans: A child insurance plan is accepted as a type of security by banks and financial institutions in Sri Lanka. This can help if there are other loans-aside from education/study loans or other debts which may need to be settled. Covering these debts allows your son or daughter the ability to stand on their feet for the future.

Are you ready to make a good decision for the sake of your child? Have a look at our child insurance plans today!

Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.