44% of people from our recent poll believe that one should choose a term #insurance plan with '2 cr cover till 85' over '3 cr till 65', assuming they cost the same.
But that might not be such a smart move, financially speaking, and here's why. 👇 (1/n)
But that might not be such a smart move, financially speaking, and here's why. 👇 (1/n)
The thing is that a term insurance plan is most effective when your absence deals a financial blow to your family.
God forbid, if something unfortunate happens to you when you're in your 40s or 50s, your children might be young & your spouse may be unable to single-handedly bear the brunt of it all.
And it's precisely at this moment when you'd want to fuel them with all the #financial muscle power you've got.
The extra 1cr from the 3cr plan could make a world of a difference to your children who are yet to graduate uni and for meeting household expenses after you're gone
The extra 1cr from the 3cr plan could make a world of a difference to your children who are yet to graduate uni and for meeting household expenses after you're gone
But let's say you're nearing 80, your children are all grown-up and independent, and you've probably amassed enough wealth to promise a decent lifestyle to you and your spouse. Would a term be as useful if you pass away then? Probably not.
And if you factor in inflation, by that time the 2 cr cover might not even be enough. Which is why it's a good idea to opt for a plan with a higher cover and a shorter duration.
And hey, if you have more questions about anything and everything insurance, feel free to talk to us. Do check our website and book a free call with our advisors today- bit.ly/3ADvAKf (n/n)
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