Term Insurance - Should I go for a 2nd term insurance?
I have an existing pure term insurance worth 1 CR. I feel I am under insured and want to go for another pure term insurance worth Rs 1 CR. How should I decide if I should go ahead with this?
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No better resource: https://joinditto.in/term-insurance/cover-calculator/
Invest that money in index funds🙃
Kindly check with a consultant at Ditto. They would share a proper additional term plan considering the Ongoing EMIs, and inflation for the overall tenure.
You said you feel underinsured and again asking whether you should buy or not. You already answered your question. What exactly is your question now?
If you have a house loan, take the term insurance at least equal to your loan amount.
In the case of untimely passing, your dependents should be secured.
I have a 1.5Cr TI. I feel it should at least br 3Cr. I don't have any loans. But 3 Cr would make me psychologically comfortable. That's my number. You have to decide yours.
You shouldn’t think twice if your family’s current lifestyle + the kind of cushion you’d want your family to have is not achievable with 1Cr Also, starting early gives you a big advantage on lower premium all throughout. In the long run would be much better than thinking about it later
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