Celebrating Father’s Day: Protecting Families with Life Insurance
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Celebrating Fathers Day Protecting Families with Life Insurance

Lifestyle tips and tricks As the world emerges from the long shadow of the Covid pandemic, people everywhere have realised that life insurance and a secure financial future are key aspects to leading a stress-free life. Increasingly, many are moving towards investments that offer sound returns in the long run and also provide the assurance of life cover.

Celebrating Fathers Day Protecting Families with Life Insurance

8 Minute |

Fathers Day Protecting Families

How Does a Father Protect His Family?

Fathers play a very pivotal role in a family. They suffer various trials and tribulations to protect and care for their loved ones. They provide a secure home, play the role of breadwinners, and act as a pillar of strength during challenging times. Fathers are known to foster a sense of security through their actions.

Modern-Day Responsibilities

Ironically, the role and responsibilities of a father have changed with time. They are now making sure they involve themselves in the day-to-day activities of the family.

They financially support their children and are also friends and role models to them. They hold every relationship dear, encourage fitness, and are always engaged in some form of development of their children. As they have responsibilities of providing for their families they also respect the balance between work and family by putting much value in the family.

It is believed that fathers are always a child’s first teacher. Even as they provide the basic needs of their families, they help instil emotional and financial endurance in their children. In every stage of development, they can boost a child’s confidence to overcome challenges in life, teach them to adopt behaviours that assist in making reasonable decisions in life and, perhaps, prepare them to take on risks in their adult life.

How Fathers Protect Their Families

Physical and Emotional Protection

Fathers act as role models and economic security as they take care of the family’s needs and ensure their safety. Fathers who exhibit positive and stable emotions make it easier for the child and every other family member to deal with difficult emotions.

Financial Protection

The primary function of a father is to be the breadwinner of the family, although this is slowly changing in modern times. They strive to keep their household financially secure in any way they can. Their goal is to ensure their family has adequate financial security by building a financial drift in which the family’s fiscal objectives are achieved.

However, an unprecedented and unfortunate event can occur and derail all plans for a family’s future. This could lead to several financial problems within the family as everybody wants their desires met. That is why life insurance can be useful in avoiding such a situation.

In such unfortunate occurrences, life insurance can assist fathers to provide utmost financial security to meets the needs of their families after they die. They are meant to support the needs of family members, including food, light bills, school expenses, or other necessities and even emergencies in terms of loan repayment, education fees, wedding expenses, or other issues.

While nothing and no one can replace a father, having life insurance can offer a financial buffer to the family. This would ensure that the family can still accomplish and achieve their goals as planned.

Life Insurance as a Tool for Protection

Explanation of life insurance and its benefits

Life insurance plays a significant role in financial protection for the family and helps fathers safeguard their family’s financial interests in their absence. It offers an assured insurance payout upon the policyholder's demise during the policy term, ensuring the family does not suffer financially. This money can serve as a replacement for income and cover various financial goals of the family, both in the present and future.

Life insurance also offers affordability and reliability, providing fathers with the peace of mind that their loved ones will be secure even in their absence.

Different types of life insurance policies available

The various types of life insurance plans available are:

  • Term plan: The simplest among all life insurance plans, a pure term plan pays the sum assured if something happens to the policyholder during the term. It offers substantial life coverage at affordable premiums.
  • Unit-linked insurance plan (ULIP): By combining insurance and investment, ULIPs offer dual benefits. One part of the premium goes towards life cover, while the other is invested in markets to earn returns.
  • Endowment plans: Endowment plans offer life coverage along with regular savings and maturity benefits. They pay a death benefit in case the policyholder dies during the policy term. If the policyholder survives the policy term, it pays maturity benefits and applicable bonuses.
  • Child insurance plans: A child insurance plan can secure your child’s future and build a corpus for your child’s essential life goals, such as higher education and marriage.

Why Life Insurance is Essential for Fathers

Life insurance can help fathers build a solid financial net for their families. The proceeds received from a life insurance policy in case of a father's untimely death can help his family maintain its regular needs, pay off debts (if any), and maintain the same living standard as before. The sum insured received in full or in parts, as chosen, can help children complete their education and make up for the lost income.

Choosing the Right Life Insurance Policy

Choosing the right policy is vital for a father to financially protect his family in his absence. Some considerations include:

  • Coverage amount: It’s vital to opt for a policy with adequate coverage. While choosing the sum assured, factor in inflation and loans. The higher the coverage, the better.
  • Policy duration: This is another critical consideration. The policy should provide coverage until family members, especially children, become financially independent.
  • Premiums: Life insurance plans generally need yearly renewals. Factor in the premium and ensure you can pay them conveniently without straining your finances. Failure to pay premiums results in policy lapse.

Celebrating Father's Day with a Focus on Protection

This Father’s Day, let’s take a moment to applaud the protective roles fathers play daily. Plan a road trip with him to his favourite destination or an activity that both can enjoy. You can always get him something he always wanted but did not buy because of cost constraints or take him to see his favourite sport. Renew his life insurance policy or invest in a retirement plan, so that he can meet his financial goals after his retirement.

Happy Father’s Day!

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