Term Insurance Advice Needed
Looking out to buy Term Insurance. Am married, and both of us are working. Wanted advice on deciding the coverage amount, cover till age, deciding between various plans, should both of us take the insurance Anyone who has taken it, please advise. Thanks in advance!
Try ditto
I have bought term plan last year from them they dont even charge comission.
Ohkay. Haven't heard about them yet. Now I am curious about this since multiple folks recommended this. Will find out!!
@MonthlyGem1 Also, can you give details what cover you decided (times multiple of your or family income) and cover till age.
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Checkout Labour Law Advisor(LLA) on youtube. Money Minded Mandeep has done 2 videos on exactly this. It should help you navigate!
Chelokebab
Stealth
a year ago
Try to go for Hdfc life or Tata try for 85 years coverage amount should be based on your total liabilities and annual income Max multiplier would be 20-25 times of your income . You can also go for limited premium paying term so that you will not have any burden paying premium for longer term limited term is 5-10 -15 is ideal in my opinion. I am a banker and have been selling Insurance since long
I was planning to have the cover till 65 years. Can you please help me with the logic behind cover till 85 years. My thinking behind 65 years was that if I make up to 65 years then would I or my dependents really need that Insurance money?
@Chelokebab Also, how are the Max Life and ICICI as compared to HDFC & Tata suggested by you. Many blogs have mentioned these 4 companies only, so wanted to know the reasoning behind the 2 suggested.
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Buying Insurance policies from companies directly are recommended over third-party sellers like Policy Bazaar, Digit, and Acko. Claim settlement can often be problematic with these sellers. As a Maxlife insurance agent, I can set up a meeting using my official @maxlife email address. I'll offer you the best discounts available among all online aggregators and provide expert advice to address any doubts you may have. If you have already planned to go for anything apart from Maxlife for your term insurance then also i would recommend you to enquire on companies website directly and ONLY get your policy directly from company.
My Contact no: 7003079299
Toph56
Stealth
a year ago
Clearly you are confused. Acko and digit are not third party sellers like Policybazaar. They don’t even offer life insurance. This is a sales plug.
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I can tell what not to buy, any LIC policy. Also don't go for smaller companies even if they have good settlement ratios or cheaper installments.
In any case, a term insurance is a loss making affair. So if you are paying for a service, better buy a good one.
Yeah man, Mixing Insurance & Investment is a very bad idea which doesn't do justice to any of the problem statement. There needs to be better awareness about this!
Hey, try beshak.org, they will match you with a certified financial planners who can help you with your needs
Plum has started this and has got some good retail plans. DM your digits/email? Happy to help!
Take term insurance for around 20x of your current salary. Pay it of monthly (instead of yearly /in 5-10 years) since the premium remains same but over the years it's value will decrease because of inflation. Coverage till 60-65 is sufficient. Better to take insurance from bigger companies rather than newer/cheaper ones. Read up on Section 45 of The Insurance Laws .
yesmonk
Stealth
a year ago
Why do you want to take a life insurance?
MrWane
Stealth
a year ago
Why not?
yesmonk
Stealth
a year ago
I just wanted to know the perspective to decide if I should have one
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MrWane
Stealth
a year ago
Don't try Policybazar, they spam like anything. Even after you are dead they'll still call you.
Toph56
Stealth
a year ago
Answered a few relevant questions in this thread. If you have more specific questions, let me know, happy to help. The best is to do your own research and buy.
Checkout this post on Grapevine - https://share.gvine.app/3dCJC9o5pZwthfZ28
MrWane
Stealth
a year ago
Ditto insurance without a doubt. Those guys are phenomenal.
AmusingDamn
Stealth
a year ago
Please consult a professional there are a lot of factors to consider. Your net worth, your daily expenses, does your spouse work and many more things.
Have you taken any claims till now?
Actually I am confused bw hdfc ergo & icici
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