Life insurance plans for new parents. Read more
Becoming a new parent is an exciting time, but there are a lot of expenses to manage. Diapers and formula to clothes and toys can add up quickly. It is essential to start planning early and consider a life insurance plan for new parents.
Life insurance is a financial product that can provide peace of mind and financial security for your loved ones in the event of your unexpected demise. As a new parent, you may have many financial responsibilities that you need to plan for, including saving for your child’s education, building a retirement fund, and managing household expenses. By purchasing a life insurance policy, you can help ensure that your family’s financial needs are met during an unexpected death.
Here are some of the benefits of life insurance for new parents
Save for the baby’s future
There are many expenses to plan for. A life insurance plan with savings features can help you build wealth for your children’s future. This can ensure your child’s financial needs are met without burning a hole in your pocket.
Provides cover for your spouse and your little one
Another benefit of life insurance for new parents is that it provides financial cover for your little one and your spouse. This can help ensure that your spouse is financially taken care of if something happens to you.
Life insurance plans are an essential financial tool for new parents who want to secure their children’s future in case of unforeseen events. Various options are available in the market, but the iSelect Guaranteed Future Plan, iSelect Smart360 Term Plan, and Invest 4G by Canara HSBC Life Insurance are some of the best saving plans for new parents.
Here are the features of each product that make them a blessing for new parents:
Gift of guarantee: The plan offers guaranteed returns that provide financial security to new parents. This feature makes it a perfect saving plan for those who want to secure their child’s future.
Boost your maturity benefit: This feature allows policyholders to enjoy additional guaranteed returns during the last five years of the policy.
Payor premium protection cover: This feature ensures that the policy remains active even if the premium payer (usually the parent) passes away or suffers from a critical illness or disability.
Critical illness cover: This feature provides coverage against critical illnesses, including cancer, heart attack, and stroke. In case of a diagnosis, the policyholder will receive a lump sum to cover medical expenses. This cover will help keep the money saved for your child intact without diverting it toward medical expenses.
Child care benefit: This feature ensures that the child’s education expenses are covered, even if the policyholder dies or suffers from a critical illness.
Terminal illness benefit: This feature provides a lump sum amount in case of a terminal illness diagnosis. This amount can be used to cover medical expenses or other financial obligations.
Systematic withdrawal option: This feature allows policyholders to withdraw a fixed amount at regular intervals to meet their financial goals. In your case, you may use it to fund your child’s education.
Milestone withdrawal option: This feature allows policyholders to withdraw a lump sum amount at different milestones in their life, such as marriage, childbirth, or child education.
In conclusion, the iSelect Guaranteed Future Plan, iSelect Smart360 Term Plan, and Invest 4G by Canara HSBC Life Insurance are excellent saving plans for new parents. These plans provide the policyholder and their family with comprehensive coverage and financial security. The features mentioned above make these plans a blessing for new parents who want to secure their child’s future.