• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
financial planner in Chennai

Financial Planners in Chennai | Financial advisor in Chennai | Assuredgain | Chennai | India

Chennai's #1 Financial Advisor & Planner

  • Home
  • About Us
    • Why Us – Best financial advisor in chennai
    • Employee Financial Wellness Program
    • Free Consultation With chennai’s No.1 Financial Adviser
  • Our services
    • Insurance Planning-
    • Tax planning
    • Investment Planning
    • Child Future Planning
    • Retirement Planning.
    • Employee Financial Wellness Program
  • Blog
  • Contact Us
  • Terms & Condition
  • Privacy Policy

Life insurance in your 30s

November 4, 2014 by assuredgain

In your 20s, everything is shiny and brand new, filled with hope and you are open to experimentation. By your 30s you are starting to settle down. Obligations and responsibilities –a new family, new home, bigger car – start to take up all your time. You may even have started semi-permanently settling in a job or got a couple of promotions. All this starts changing your thought process and brings to the forefront the need for financial planning, especially if you are the sole bread earner in your house.

If you bought a life insurance policy in your 20s, you probably went for a lower cover, but now, with increasing financial obligations and dependants, that cover might start to seem rather inadequate. And if you had put off buying a life cover in your 20s, then 30s is the best time to start considering it.

Why life insurance and why now?

When you start a family, the biggest worry that plagues you is their financial dependence after your death – basically income replacement. You don’t want them to go look for alternatives to your income or leave them without some sort of cushion that would make their life a whole lot easier. Your untimely death could put a wrench in all your best laid plans that may include anything from children’s higher education to owning your mortgage-free home. Life insurance serves well as that cushion. In fact, it is one of its more obvious benefits. But what it also helps in is in providing ‘living benefits’. Living benefits refer to the returns that you may receive when you are still alive. These returns can be utilized to fund your many pet projects, like home loans, car loans, kids’ college fees etc.

Still low premiums: Unlike your 20s, stress will start to set in along with your family responsibilities. There is also possibility of health issues. Before things get too dire, it’s best to opt for insurance plans that will still give you good life cover at low premium rates. The more you wait, the costlier the premium will get.

Wealth accumulation: Opting for investment cum insurance plan at this time will give you more time to accumulate wealth for the future and also to compound it. The more years you save wisely, the larger the savings will be for your income-less years.

Short-term goal fulfillment: Many short-term plans like mortgage, car loan, children education, holiday expenses, health care costs can be covered by a sensible life insurance policy.

Saving on taxes: With increasing wealth, taxes woes also seem to multiply. During this stage of financial obligations, every penny counts and it’s just good sense to save on it. Life insurance makes sure you get tax benefits under sections 80C and 80D of the Income Tax Act of 1961.

What kind of life insurance should I opt for?

Protection plans: If you are looking for income replacement in the event of your death, protection plans, especially online ones are the way to go. They are also ideal to cover your family against home loan liabilities. There are simple term plans with no frills and only basic covers at extremely low premiums. Insurance companies are also extending protection plans with added benefits that not only offer a lump sum amount (death benefit), but a monthly income for a set period of time to your family after your death.

Savings and Investment plans: This is the age, you would prefer to start saving as this is when you start accruing it as well. Life insurance also includes savings and investment plans that offer multiple avenues to multiply your investment. ULIPs and traditional endowment plans are such avenues that allow you to not only cover your death with a life cover, but also allow you to accumulate a lump sum amount to manage you and your family’s needs during your lifetime. The two most critical savings and investment plan that you should have are the below:

Child plans: The birth of your children will bring a host of new financial responsibilities. Right from their birth you start saving to provide them the best education. At the same time you also want to secure these dreams in your absence. Child plans allow you to accumulate savings or give you timely payouts for school and college education.

Retirement plans: With the growing years and rising inflation, your need to secure your own future too preys on your mind. The compounding wealth in retirement plans will come to you in the form of monthly income when you cease to work, making sure you don’t become a financial burden on your children.

Health insurance plans: Our constantly changing lifestyle makes us vulnerable to health issues. Unexpected expenses can be emergency hospitalization or an accident. It can also mean multiple hospitalizations in a single year for more than a single family member. In hospitalization, expenses will not only mean the actual surgery/treatment, but also the innumerable tests that will precede it and follow it. One medical emergency and your entire savings could vanish without a trace. A suitable health insurance plan will make sure you are covered for all these surprises and that you get the best treatment for you and your family.

Related posts:

  1. How to become Crorepati in a few short steps !
  2. Innovative retirement planning for seniors – Reverse Mortgage
  3. 10 Financial resolutions for the new year 2013
  4. Common misconceptions of Financial planning dispelled
  5. Why should you have a Financial Plan?
  6. What to Expect When You Meet with Your Insurance Advisor
  7. Double Digit return in 78 months!
  8. How to jump-start your financial plan in 2014
  9. Eighth Wonder of the World to get Rich – The Power of Compounding
  10. Do You Need a Financial Planner or an Investment Manager?

Primary Sidebar

Recent Posts

  • Life Insurance Tax Hike 2023- What You Need to Know to Protect Your Finances
  • SBI Life Retire Smart Pension Plan Reviews – Good or bad?
  • What is succession planning and why its important?
  • Bajaj Allianz Life Guaranteed Pension Goal Review- A Guaranteed Trap
  • 2021 Guide to Term life vs Whole life insurance

About Us

AssuredGain is a leading wealth management firm specialising in financial planning based in Chennai. We offer all the services traditional financial planners offer, except that at AssuredGain, we do things a little differently……and these differences mean we’re able to maximise your financial success and help you enjoy today – and retire life ready, certain you have enough.

More About Us

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Archives

  • February 2023
  • March 2022
  • November 2021
  • July 2021
  • March 2021
  • October 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • August 2019
  • July 2019
  • May 2019
  • March 2019
  • September 2018
  • June 2018
  • December 2017
  • July 2017
  • March 2017
  • May 2015
  • November 2014
  • July 2014
  • May 2014
  • April 2014
  • February 2014
  • January 2014
  • December 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012

Connect with Us

Address: 5/318, Old Mahabalipuram Road, Oggiyampet, Chennai: 600097
Phone: +91-7200039282
Email: info@assuredgain.com

  • +91-7200039282
  • info@assuredgain.com

Tags

Advanced planning Bajaj Allianz- Best financial planner in Chennai best retirement planning india Certified financial planner Chennai Chennai Chennai Financial planning education planning Financial Advisor financial freedom financial planner chennai Financial Planning Financial planning chennai Financial planning for singles financial products for women health insurance investment Investment Advice Investor Education LIC policy life insurance Money Money & Finances NCFM ncfm exam ncfm registration ncfm study material Permanent Total Disability personal accident policy policyholder Rajiv Gandhi Equity Savings Scheme real estate Real estate investments retirement planning for seniors retirement plans india retirement plans india best Save Tax savings sensex stockmarket Tax planning Wealth Coach wealth management wealth manager Wealth Protection | Tagged insurance

Our Newsletter

Subscribe to our newsletter to get the latest updates from our blog. We respect your privacy.
+91 72000 39282

About Us

Footer

© 2022 ASSUREDGAIN FINANCIAL PLANNERS | All Rights Reserved.