Life is a beautiful journey – but often unpredictable, as events outside our control can derail the best-laid plans. While we may have no influence over many of these major life events, we can definitely protect our loved ones and ourselves by using insurance both as protection against emergencies and as an investment. With increased life expectancy, people are leading longer lives, but unfortunately after retirement there is no security of a monthly income. This is where insurance kicks in – as it ensures financial independence to enjoy your preferred lifestyle while protecting you against unforeseen circumstances such as medical emergencies which are usually unavoidable in old age.
Moreover, having Life Insurance can give peace of mind to your family members and help minimize the financial impact in case of serious illnesses or the policyholder’s untimely demise. In addition, insurance retirement plans offer income replacement, as in the event of the policyholder’s death, Life Insurance can provide financial benefits as lump-sum or regular instalments which will ensure your loved ones will get to enjoy the lifestyle you envisioned for their future without hassle.
Also the strong financial security provided by insurance ensures one can enjoy the same lifestyle even after retirement, and without compromising on life goals such as travel and lifestyle expenses. Therefore, the best time to decide on a long-term life insurance plan is when an individual is at the prime of life so that you are rest assured that you have provided wisely for your retirement. It is important to invest at a young age where the premium one has to pay is way less oppose to starting a retirement plan at an older age. Depending on the age and medical conditions the premiums will differ and in most cases it will be higher.
Sound retirement plans can help to plan out your post retirement life as it should be after years of working hard for your loved ones as they can provide policyholders with a monthly income to be financially independent alongside Health and other benefits. Customers have the option of adding covers such as critical illness coverage, extended permanent disability benefits due to accidents, family protection benefits, and many more to their retirement plans
There are numerous retirement plans in the market which are made available by the Life Insurance companies in Sri Lanka. Insurance Association of Sri Lanka (IASL) reiterates the importance of having a Life Insurance plan for every individual from all walks of life and therefore invites all citizens to study the available plans and select the most suitable plan which will provide benefits for a peaceful and enjoyable retirement.
The Insurance Association of Sri Lanka (IASL) is the representative body of the insurance industry in the country. It was formed in 1989. All insurance companies that operate insurance business are members of IASL. At present, all 27 registered insurance companies are members of IASL and the association is led by the common objective of bringing the insurers together to create a platform for cooperates regarding the matters affecting the common interest and welfare of its members and is synonymous in its efforts to provide protection through insurance to the Sri Lankan public.