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Life Insurance

While it is important for an individual to achieve his financial goal, it is equally important to protect the risk of loss of life. Loss of life can lead to loss of income and can jeopardize any financial objectives.

Term insurance is a tool that will protect your family against the uncertainty of life. In case of the death of the life insured, the life insurance company pays a predetermined sum of money to the beneficiary. This can ensure that the family can lead a comfortable life even when you are not around. It can also ensure that your financial objectives like your children’s education and marriage are not jeopardized.

The amount of life insurance one requires is based on

  • The amount required to fund monthly expenses for your family
  • The present value of future financial objectives
  • Your liabilities (loans)

The need for life insurance reduces as you approach retirement or as your major financial objectives are achieved. If you have no dependents and enough wealth to manage your liabilities, the need for life insurance is very minimal and close to nil. However, if you have dependents and liabilities, it is important that you have sufficient life cover.