Many of life’s key events like getting married, buying your first home, having your first child, and preparing for retirement require added financial protection for you and your loved ones. While insurance may not be top of mind during these moments, it’s good to take a setback and evaluate if your income, savings, or even estate is enough to support your family if anything happens to you. Remember, insurance is something you buy when you don’t need it, so it’s there when you do.
Here are scenarios and significant events that could make you consider and purchase life insurance stat!
If you’re young and single, you probably won't see the point in applying for a policy just yet. But there’s no harm done in wanting to secure your future early on. Once you begin to tick off milestones after this age, you’ll be able to see insurance as more of an asset. Moreover, the younger you are, the lower the rates there are for you to choose from. For parents, this can be a great gift as well—it’s practical and can benefit your child for the years to come.
Once your marital status changes, your insurance plan should also adjust accordingly. You will now be moving forward in life together, so you also have to take into consideration their future.
This is especially true if your partner is partially or wholly reliant on your income for the time being. For example, if you’re the sole earner while your spouse is finishing their master’s degree, FWD Set for Tomorrow Income Protector guarantees 100% insurance protection for your wife or husband, or even your immediate family against the unexpected.
Buying a home
It is common for most married couples to invest in their own place before or right after the wedding. Large purchases such as a home require thorough financial planning. This is because buying your own property entails loans or mortgages that rely on your income.
FWD Set for Tomorrow Short Term Cover can assist with any unpaid loans—like housing loans, car loans, and business loans, among others—should anything happen so your spouse or family don’t have to carry the burden.
Having a baby
Similar to getting married, having another person on board means the need to secure their future, which should be a priority. Expenses such as childcare and education can overwhelm you immediately if a life insurance plan coverage is not in place. Set for Tomorrow provides solutions to ensure that your loved ones get the life you have always imagined for them even no matter what. It provides affordable and renewable term coverage so you can start preparing for your child’s college education today!
Significant shifts in your career such as traveling overseas or getting relocated bring forth risks not just for you, but for those you’re leaving behind.
FWD Set for Tomorrow Income Protector is designed to secure your income from wherever you are in the world. It provides 20% additional coverage should an unforeseen event happen while you’re away. More importantly, it ensures that your savings won’t get depleted so you can continue supporting your family such as paying for tuition, loans, and other household expenses.
Depending on the size of your wealth, your heirs might be left to deal with incurring estate taxes upon your passing. If you have life insurance like Set for Tomorrow, your surviving family members won’t have to deal with financial difficulties.
To be more precise, FWD Set for Tomorrow Estate Protector assists the insured in the smooth distribution of wealth among his or her loved ones. This is because the value of assets can be turned into cash to equalize the inheritance.
FWD Set for Tomorrow provides you with three major variants depending on your insurance needs: Short Term Cover Term, Income Protector Term, and Estate Protector Term. Learn more about each here.
You can also purchase FWD Set for Tomorrow Short Term Cover quick, easy, and hassle-free at FWD’s Online Shop.