Are wedding bells on the horizon? Many may not realise this, but life insurance is key to starting life together on the right note. Everyone knows that saying “I do” in Singapore is usually a costly affair, with most couples forking out between S$30,000 to S$50,000 on their dream weddings. If you are getting hitched soon, then you are most likely consumed with preparing to walk down the aisle in style and paying up for your first matrimonial home. Life insurance is probably the furthest thing from your mind right now. But what if it should be?
Achieving Your Aspirations and Leading the Life You Want
We often dismiss the need for insurance because it seems like an unnecessary expense, especially on top of an already growing pile of bills and commitments. Yet insurance can actually help you lead the life you want.
Eyeing that swanky apartment or a new family car? Getting married marks the start of many new chapters in your life: from owning your first home to having your first child. But how does a newly married couple even begin to afford these? Life insurance products like endowment plans can help to enforce and potentially build your pool of savings for big-ticket items in the future, such as a larger home or your child’s education. Mortgage insurance helps to pay off outstanding housing loans in the event of an unforeseen circumstance such as death, terminal illness or total and permanent disability. And, in some cases, if you don’t make a claim at the end of your mortgage insurance policy term, you can get a refund of premiums to pursue other goals in life.
Life is Unpredictable So Protect Your Loved Ones
If you are fresh out of university or in your first job, housing prices and the hefty premiums involved in buying a vehicle might come as a rude shock. Most married couples have to bank on their combined incomes to afford a comfortable lifestyle. But what happens if one partner falls critically ill, or worse, meets with a tragic accident?
Enter life insurance, which helps ensure that either partner can continue sustaining the family in the event that the other meets with an unfortunate circumstance.
Couples that Budget Together, Stay Together
Living life well does not come cheap. In a 2017/2018 Singstat survey, the average household spend in Singapore was found to be S$4,906. This is why it is important that you and your spouse should consider buying life insurance products such as endowment plans to potentially accumulate more money in the long run. Such insurance savings plans potentially build up cash value over time, which means the earlier you start, the more savings you accumulate.
In addition, taking out a life insurance plan sooner, rather than later, lets you avoid having to pay potentially higher premium rates. It can help strengthen your vows to protect each other and stand strong together through good times or bad. So, what are you waiting for? Say “yes” to life insurance and create happiness with your partner today.
This article is written by Prudential.