Who should get term life insurance?

Eligibility for get Term Life Insurance

• Those who need to cover a debt. Those who have a mortgage can consider getting term life insurance so that loved ones will have the means to pay off the debt even with the loss of the household’s breadwinner. 

• Those who are recently married or who have young children. A young family that’s just starting out usually has a higher level of debt (a mortgage just taken out, still paying off college loans, working at a lower level position). Savings may also be small (or even non-existent). This means that a family is left vulnerable at the death of a bread winner. Term life insurance offers affordable protection for the young family. You can program the coverage so that it only provides cover while the children are dependents. Once they have become financially independent, your insurance needs may decrease. 

• Those who want insurance but want to invest more aggressively. There are some who subscribe to the idea of “buy term, invest the difference”. The notion is that although insurance provides reasonable returns, there are still other investment options out there that provide higher returns. Thus, for someone who wants life insurance coverage but still have the freedom to invest his money the way he wants to, term life insurance is ideal.

Anand Khemka
+91-9910936925
+91-8287041341