Insurance experts there can you please advice me about the following?

I need some expert advice;
i’m 45/M doing govt. job…….having two kids (13/F & 10/M) my wife (45) being house wife. I want to secure thier future by taking a GOOD POLICY which will benefit them in case of any eventuality. Shall i go for life insurance or term insurance, i cant decide. PLEASE advice me WITH THE PRODUCT/POLICY which suits me. Any/all other suggestions are welcome.

Insurance experts there can you please advice me about the following?
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4 Replies to “Insurance experts there can you please advice me about the following?”

  1. Term life insurance is cheaper premium for large coverage amount but can only be taken till you are 60 or 65. Premium payable till that age and cannot renew after that. All premium paid is waste if no incident. Premium increases as you grow older (or the insurance company calculates average premium cost over the years and make the yearly premium same).

    Whole Life-Insurance is more premium for less coverage but will cover whole life till eventual incident. Premium payable for 10 or 15 or 20 years depending on the plan Premium remains same for the entire payment period. .

    Your decision should be based on how much coverage you need and how much premium you can afford. All the leading insurance companies can offer decent plans for you to take look at. If you know an advisor in a leading insurance company, then approach him to check out what plans he can offer you, that is if you are confident in his policy knowledge and service attitude.

    If you have a property for which you are paying installments, you should consider taking out a term insurance for the coverage amount of the entire loan, so that if something happens, then at least your family need not worry about that loan and can own the house.

    Investments are not insurance. Investments are subject to market risks and usually are only beneficial on the long run. If you are looking for insurance, don’t consider investments, unless your health is so bad that your premium are too expensive that the insurance policy seems worthless.

    Wise thought…

  2. Thanks for given some information about your self . You may have to be taken a term insurance plan for minimum 15 yrs term of LIC amulya jeevan plan. Increase your investment part in as you suitable either your EPF/PPF account.

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