Living your life goal to goal gives you a sense of purpose. Once you have achieved one milestone, you should plan for the next one. Do you want to buy a new home? Pay for your child’s education abroad? Want to travel the world with your partner? When you know your goals, it becomes easier to plan your finances.
Setting life goals is one of the key contributors to a financial plan. Be it investing in the best life term insurance or planning to buy a car; you need to have clarity about your goals to be able to take a disciplined approach.
Don’t just new year resolutions related to lifestyle. It is now time to take your finances seriously and act on it before it is too late. You know that life can be unpredictable. Therefore, taking your financial goals for granted can leave your dependents with an immense emotional as well as income loss.
As an investor, your first goal should be to secure your family’s future with term life insurance that will guarantee them monetary support in case of your untimely demise. Once that goal is out of the way, you can work with other goals as per your risk appetite and time availability.
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That being said, here are some life goals you should look at to achieve long-term financial success. Keep these points in mind at the time of investment portfolio creation.
1. Protect Your Family’s Finances with Term Life Insurance
No matter how much you plan, you are never immune to the uncertainties of life. To safeguard your loved ones from these eventualities, you need to invest in the best term life insurance, especially if you are the sole breadwinner of your family. Thinking ahead will ensure that your dependents are taken care of with a robust financial shield in your absence. This is the reason you need a term life insurance in your portfolio.
However, when looking to invest in the best term life insurance, you must first assess the number of people financially dependent on you. You must also assess how long it will take for them to be financially independent. Additionally, you must also take your ongoing debts, such as credit cards and house loans, to calculate the right sum assured. While doing all this, don’t forget to take inflation into account. The rule of thumb is to take at least 20 times your current income as the sum assured to keep it relevant for the future.
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Based on all these factors, you can look online to find thebest term life insurance for your portfolio.Online term insurance plans from reputable insurers such as Max Life Insurance equip to do your research while making a buying decision. From reviewing the policies to comparing them as per benefits and quotes, you should choose the one that gives you maximum return for the premium that you pay.
2. Consider a Child Plan to Secure Their Future
As is with the best term life insurance, the child plan is also a life insurance product designed to meet a specific purpose – that is, to pay for your child’s education or marriage, in case something happens to you. Such plans offer money to help the child complete their education in your absence or upon maturity. In case of your passing during the policy tenure, the plan remains active, and in some cases, the premiums are waived off that is required to be paid to keep the policy in force.
3. Plan your Retirement Funds
Don’t think if you are in your 20s; you don’t need to worry about retirement just yet. Did you know that sooner you plan, the higher your returns will be? Your returns increase thanks to the power of compounding. Besides, in your early 20s, you don’t have as many responsibilities, which makes it easier for you to expand your financial portfolio to another instrument apart from the best term life insurance!
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Retirement plans are also insurance products that offer you financial security when the income stops. You can either choose a monthly pension plan or annuity plans once you receive the retirement plan proceeds. Just assess your lifestyle requirements and affordability by using the online calculators. You can also consider speaking with a financial advisor who can help you choose the right life insurance product to secure your retirement.
4. Funds to Pay For Short-Term Goals
While long-term planning is elemental to your investment portfolio, don’t forget to include short-term requirements as well. A medical emergency or any other financial need that requires immediate availability of cash must also be integrated into your financial plan. Therefore, look for policies that allow short-term returns on investment to help you meet such goals.
5. Long-term investment and savings Plans
Even though term life insurance is a must-have in your portfolio, you can also consider a wide range of other investment plans if you have an appetite for risk, and you want to create wealth. For instance, Unit Linked Insurance Plan (ULIP) is a combination of insurance and investment that not only gives you the benefit of the best term life insurance but also invests a part of your premium in creating wealth for you in the long term. If you have at least 10-15 years of payment capacity and a willingness to take the risk, then ULIP is the perfect plan for you.
Make sure that your investment portfolio includes each of these products to give you robust protection at every stage of your life.
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