Retirement Planning Through Life Insurance

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Retirement Planning Through Life Insurance
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• Life insurance is a good financial
  planning instrument to ensure a comfortable
  retirement, as it provides various benefits to
  the insured. There is more than enough
  information on the advantage of having a life
  insurance policy, the wisdom of entering a life
  insurance plan early and the various options a
  life insurance policy provides.

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• Relevance of Starting Early
• 'No it isn't, the earlier the better.' Quite
  simply, the earlier he will enter a life
  insurance policy the more will be his monetary
  benefit. Twenty three is a great age to start
  investing. He has so many years ahead of him and
  his savings corpus will keep on compounding. In
  fact, if he keeps his policy for a longer period
  he will earn more money. Such is the impact of
  power of compounding. So go ahead, start saving
  immediately and extract the maximum advantage
  from your investment.

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• Flexibility of Options
• Life insurance policies offer a lot of
  flexibility on how he can pay his premium, how he
  can change the nature of his policy and the
  different types of policies he can opt for. This
  gives him the ability to choose policies to best
  suit his needs or the needs of his dependent
  children and spouse. He can also alter his
  policies based on his changing needs or
  requirements.

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• Payment Terms
• Retirement Insurance Company has different
  options available to him to make premium
  payments. He can make payments on a monthly,
  quarterly, half yearly or yearly basis. He can
  also make payments online himself or better so
  setup an automatic debit facility from his bank
  account.
• Switches and Redirection
• If he takes a ULIP life insurance policy he has
  two options. Firstly, he can switch units within
  the existing funds and also change the proportion
  in which the premium is allocated in these funds,
  known as switching. Secondly, he can re-allocate
  future premiums in different funds from the ones
  he has chosen at the commencement of the policy.
  This offers flexibility to change, based on his
  needs and wants.

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• Fund Options
• He will first have to assess his needs and wants
  and his risk appetite, when buying a life
  insurance policy. Based on this he has a number
  of fund options available to invest in. If he
  wants greater risk and greater returns he will
  choose to put a higher portion in equity funds.
  Alternatively, if he wants less risk he will
  invest a higher portion in debt funds. He also
  has policies to suit short term or long term
  needs. Depending on whether he wants to save for
  his spouse or children he has options to cater to
  those needs as well.

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