Question

What type of life insurance (if any) do you need currently and/or foresee yourself needing in the future?

What types of expenses would you consider insuring, considering either your current situation or what you envision for your future? (i.e. your loans, support for a spouse, support for children, education expenses, and anything unique to you)

Give some serious thought to all of the things you pay for now and will pay for in the future

Answer 1

Answer: Life Insurance- It gives you life cover that includes payment to your spouse of nominee after your death.

I need a life insurance with a Life cover (death cover) if I get early death and survival benefits if I live too long. So I am basically seeking for two plans when it comes to life insurance:

Term Plan- It provides cover against the early death, it gives you lump-sum amount to your spouse or nominee after your death so that they may become financially stable.

Endowment plan- It provides the cover of risk of living too long life. The sum assured is paid on or before expiry of the person who took insurance plan.

Expenses to cover in Life insurance- I will be seeking for the following expenses to cover:

• It should cover the home loan that I have taken so that my spouse and children may live without tension.
• It should cover the funeral expenses.
• It should cover the middle and higher education of my children (at least for 2 children).
• It should also assure the job to my wife after my death if she is not working.
• It should cover the credit card loan and other debt (If any).