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I don’t have a regular income; can I buy Life Insurance?

I don’t have a regular income; can I buy Life Insurance?

07/09/20

I don’t have a regular income; can I buy Life Insurance?

Managing a lifestyle, financial goals, taking care of oneself and the family are tough responsibilities; and to do all of this on an irregular income can be so much more difficult. A single medical emergency could throw all of your daily financial responsibilities off track, especially for someone with an irregular income stream.

 

In such times, having a Life Insurance policy in place becomes absolutely essential. A suitable Life Insurance policy gives you the much needed financial readiness to fight against life’s uncertainties, and also helps manage your life goals.

 

Besides, for those looking after a family, a sound Life Insurance plan helps secure the future of your family financially, even when you are not around.

 

Will you be able to find a Life Insurance policy that suits you? Of course you will! There is a Life Insurance policy for everyone.

 

  • Opt for a need-specific plan at an affordable rate

Life Insurance policies over time have become more flexible, customizable and affordable. There are now Life Insurance plans with premiums as low as Rs. 500 a month!

 

You can also go for Moneyback plans, or plans that offer regular payments during the course of the policy. Such plans would help regularize your income stream, helping you manage your monthly spends better.

 

There are Life Insurance plans for specific needs and life stages. You could either go for a simple life coverage that protects your family for when you are not around, or a savings plan for your life goals. There are also retirement plans to bring you and your family a steady income post your retirement.

 

  • Choose a convenient payment option

All Life Insurance policies come with multiple premium paying intervals. So, basically instead of paying your premium every month you can choose to pay them quarterly, half-yearly or annually. You can take up the option you are comfortable with.

 

Annual premiums allow you to save well in advance thus eliminating the trouble of having to pay each month. Quarterly premiums also serve as a good option as the amount you end up paying will be lower than what you will pay at one go. further, you will have to pay your premium only 4 times in a year compared to paying your premiums monthly.

 

I got a bonus! Can I buy Life Insurance with that?

 

If you happen to have a huge sum of money that you do not need right now, it is best to use it to secure your financial future. You can always put the money into a regular premium Life Insurance policy or a single premium Life Insurance policy in return for a life cover and long-term wealth creation that would protect your family in your absence. For an individual with uneven cash flows, a single-premium Life Insurance policy is recommended.

 

For the best option for you, do speak to your Insurance Advisor to discuss your monetary situation as well as your long-term goals to be able to choose a Life Insurance policy that best meets your requirements.

 

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