Hi, so I’m a 27 y/o, single and planning to marry in the next 4-5 years. Earning about 1L/ month from my business.
I’m planning to get a term insurance of 1 CR till I’m 85 y/o. For that I’m required to pay around 6.8L in 10 years.
I was having a word regarding that and my mother suggested to extend the tenure (instead of paying in 10 years, pay in 20-30 years)
And I also came across someone’s post that they got term plan till they are 65 y/o since the main function of term plan is to support family in a case of accidental death while you’re the earning member. So if you retire by 60 and have accumulated enough wealth, then there’s no point of having a term plan till you’re 80/ 85.
Pretty confused about this whole thing so would like some more views and learn from y’all.
Thank you!
I’m planning to get a term insurance of 1 CR till I’m 85 y/o. For that I’m required to pay around 6.8L in 10 years.
I was having a word regarding that and my mother suggested to extend the tenure (instead of paying in 10 years, pay in 20-30 years)
And I also came across someone’s post that they got term plan till they are 65 y/o since the main function of term plan is to support family in a case of accidental death while you’re the earning member. So if you retire by 60 and have accumulated enough wealth, then there’s no point of having a term plan till you’re 80/ 85.
Pretty confused about this whole thing so would like some more views and learn from y’all.
Thank you!