I need your valuable suggestion whether i can
take term insurance at this age or not as the insurance will get completed at the age of 64 years.
Such persons can cover the risk of their dying before repaying all loans by
taking term insurance which is cheaper than the other types of insurance.
This does not
mean taking a term insurance plan in the child's name, it means taking an additional term insurance plan in your own name to protect your child's future.
You can
take a term insurance for as high as 50 lakhs just at a premium of around 4 to 5 thousand, depending on other factors.
You would make more returns
if take a Term Insurance for same amount and put the difference in premium in Fixed Deposits.
Your decision of surrendering the traditional plans is good, but it would have been better had you surrendered them
after taking term insurance plan.
I want to know when i am
taking the term insurance do i need to make any comments on my existing policies, as anyhow i will be closing it soon.
There are many people
who take a term insurance policy for less than 50 lakhs because of a simple reason — they don't want to get in to the hassles of medical tests.
i.e. Take a Term Insurance for the same amount, invest the difference between the Premium of Term Insurance and Money Back option.
Shripad, read this article about some of the high claim settlement ratio where it can influence your decision
about taking term insurance plan.
Phrases with «to take term insurance»