how important is an insurance policy for a working couple ? in case i invest 50,000 now and seeing the rate of inflation, will i get the amount that worth after 15-20 yrs ? even in the case of a misfortune will the amount (for eg : Rs.1000000 after about 7-10 yrs) given be good enough for the dependents ? can anyone suggest an endowment policy best in the LIC ?
2006-12-04 04:29:22 · 7 answers · asked by actra 3 in Business & Finance ➔ Insurance
You must have savings -- and it sounds as if you are doing that -- but you should also have insurance. Why? If you die tomorrow, there isn't time for your savings to appreciate. Your spouse will need income replacement (for the mortgage and to support children) immediately.
Will you need insurance forever? Not necessarily. As you get older and your dependents are on their own and your debts are paid off, your needs for insurance drop. So, over time, you can reduce the amount of insurance coverage that you have, which will save you money on your premiums if you've purchased term life. (Generally, term life is a better buy and makes more sense).
Insurance is one of the key pieces to a good financial plan. Your second is retirement as well as emergency savings. Your third key is a will, to protect your estate as well as honour your wishes for how that estate will be divided.
2006-12-04 07:16:21 · answer #1 · answered by MoniqueLise 3 · 0⤊ 0⤋
The point of life insurance is to financially do for your family what you would have done had you lived. Life insurance is sold as a discount in other words you pay so much per year per $1000 of insurance.
Life insurance benefits can pay off debt, replace income and pay for college and does so income tax free when paid to a beneficiary.
If you rely on savings, which don't get me wrong you need, you will be limited to the amount saved at the time of death. Life insurance should never be looked at as an investment. Though there will be those who will try to sell it to you that way, it is a financial saftey net for your family.
As for the suggestion that you purchase whole life, don't. Whole life or universal life should be used for needs that are perminate. If you young chances are your going to need a large sum. Term will provide that for you at an affordable cost.
Shop around for term rates, there are several companies that offer great rates. I would suggest West Coast Life, Protective Life or Lincoln National Life
Hope this helps.
2006-12-05 17:17:45 · answer #2 · answered by Barry T 2 · 0⤊ 0⤋
reduce off age for assigning a sparkling coverage is round sixty 5, so him being sixty 2 is going to fee an major quantity. What the above suggested about putting money right into a mark downs is a good theory, although the actual difficulty must be: What does he favor existence coverage for? If his resources interior reason large and is totally taxable upon his demise, then existence coverage must be good. If not and he in elementary words truly desires to preserve very last costs, then perhaps AARP must be the perfect decision. As for wellbeing coverage... i'm not too confident, this is not my container..
2016-11-30 03:16:45 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Insurance is a must where you are working couple or not. I would not suggest endowment policies, instead would suggest you take whole life insurance which covers your life and add health insurance as a rider.
2006-12-04 04:34:06 · answer #4 · answered by cvrk3 4 · 0⤊ 0⤋
Hi, plz call me as iam a advisor for Life Insurance Company and my number is 9886455272 so that i can advise you for your queries.
2006-12-05 06:08:50 · answer #5 · answered by Yeshwanth Kumar K 1 · 0⤊ 0⤋
endowment policy- jeevan anand is the best policy
2006-12-05 17:33:59 · answer #6 · answered by laila a 2 · 0⤊ 0⤋