Life events that will spark your need for life insurance

Life is never the same for everyone. The only common experience that all people share is that life evolves through key events that change your situation and consequently your goals. For most people, these events are getting married, buying your first home, starting a family, and preparing for retirement.

These 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 step back and evaluate if your income, savings, or estate is enough to support your family.

Here are scenarios and significant events for you to consider in purchasing life insurance.

Turning 18

If you’re young and single, you probably don't see the point of applying for an insurance just yet. But securing your future early is one of the smartest moves you can make in life. Once you begin to tick off milestones after this age, you’ll be able to see just how important insurance is. Moreover, the younger you are, the more favorable the rates are for you. For parents, this can be a great gift for your children—it’s practical and can benefit them for a lifetime.

Marriage

Once your marital status changes, your insurance plan should also adjust accordingly. You will be moving forward in life with your spouse, so it’s not just your own future that you have to consider now.

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 his or her master’s degree, FWD Life Insurance’s Set for Tomorrow provides cover such as life, income, and loan protection during your prime working years. It protects your family’s lifestyle just in case the unforeseen happens. Set for Tomorrow’s three variants—Short Term Cover, Income Protector, and Estate Protector—allow you to protect your family every step of your financial journey.

Buying a home

It’s 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 because this entails loans or mortgages that rely on your income.

FWD Set for Tomorrow – Short Term Cover Life Insurance can assist with any unpaid loans—like housing loans, car loans, and business loans, among others—should anything happen so your spouse or family can go on with their lives with less burden to think about.

Having a baby

Expenses such as childcare and education can overwhelm you immediately if a life insurance plan coverage is not in place. Set for Tomorrow provides benefits to ensure that your loved ones get to continue the life you’ve wanted for them just in case the unexpected happens. It provides affordable and renewable term coverage so you can start preparing for your child’s college education today!

Changing careers

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 Life Insurance 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.

Retirement

Depending on the size of your wealth, your heirs might have a hard time paying 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.

FWD Set for Tomorrow – Estate Protector Life Insurance provides lifetime protection and assists the insured in the smooth distribution of wealth among their loved ones—to help pass on the legacy, uninterrupted.

FWD Set for Tomorrow provides you with three major variants depending on your insurance needs and financial goals: Short Term Cover, Income Protector, and Estate Protector. Learn more about each here. You can also purchase FWD Set for Tomorrow - Short Term Cover Life Digital Insurance quick, easy, and hassle-free at FWD’s online shop.

Talk to an FWD financial advisor today for expert advice on your need for life insurance.