Term insurance coverage
What is the maximum time you are covered with your term insurance?
You shud take your term insurance max upto 60. 50-55 is ideal.
What is term insurance for? It's to substitute for the loss of your future potential income to care care of your financial dependents.
You are likely to retire at max 60yo. Your shud plan so that your earnings post your age 60 is not required (just optional) and your next generation becomes financially dependent. Also, if you die post 60, you shud have amassed enough savings that take care of others. So as you approach retirement age, your term cover should be less necessary and 0 at retirement.
Anything above that is unnecessary and overinsured, even waste.
but if the premium difference between 60 and 65 years is just 1k (37k in total tenure) It is better to be covered for more years right?
Upto you. If it's that cheap, then surely it's a good deal.
Whatever cover you are choosing now, you will feel it inconsequential as you will have earned enough till 60. Hopefully you won't need to have cover after that :)
I don't have term life insurance. I targeted 1cr net worth and I've reached my target. So I've skipped it.
These days new types of term insurances are coming in the market which are offering returns, investing in Equity and Debt and sharing returns
Depends on the corpus you are paying for just do a rough calculation like the corpus's value gets halved every 10yrs and if you think the corpus for the last year makes sense go for it else reduce it by 10 yrs
Need more options. For me,it's 55.
Cover till 60, Pay till 60
I don't have any dependents and don't have any term insurance.
