HAVE you thought about how your family will continue with their current lifestyle if you were not there tomorrow? Will your spouse be able to pay the children's school fees? Will your parents be able to get the medical attention they require? If not, it's not late even now.

The primary reason for investing in an insurance plan should be to ensure that the family income is protected even if something unfortunate were to happen to the breadwinner. With the evolution of the financial services category, the insurance plans also serve an important objective of creating a corpus for planned expenses like retirement, prepayment of loans or child's education or marriage.

Interestingly, as per Nielsen Life 2013 research, while 51 per cent have quoted protection as the key reason for investing in life insurance, close to 46 per cent are investing for their child's future and 43 per cent for retirement.

Now let's look at various options available for you to build a robust financial portfolio. To begin with, you should look at a term plan to ensure that your family receives a lump sum incase something unfortunate were to happen impacting the regular income flow. There are income protection plans also available to ensure regular income for your family. After reviewing your financial portfolio and life-stage, you should consider investing towards retirement to protect your golden years.

If you have children, it is advisable to consider investing in an insurance plan at an early stage to build a corpus. While there are many instruments available for savings in the market, insurance is the only product that ensures that the savings you planned for is available for your child/ family whether you are around or not.

This is possible due to the 'life cover' attached to your policy which ensures a lump sum incase of death of the primary wage earner. Some select child plans also come with the 'waiver of premium' feature which ensures that all premiums are paid by the insurance company incase something happens to the parent and the child gets the corpus planned on maturity.

The key to ensuring that your family is financially secure is to start early and to understand your financial goals before choosing products.

Happy Investing!!

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