Compare Life Insurance - YouTube
How to compare different life insurance policies to figure out which one is the best to purchase for you and your family. 2:24 Should I continue with postal life insurance plans? by MyInsuranceClub 199 views; 1:25 Term Insurance compared to endowment policies by SecureNowIndia 322 views; ... View Video
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Endowment life insurance. You have no plans to increase the size of your family in the near future. Estimate your insurance needs using the DINK method. and term life policies from local insurance agents. Compare the cost and provisions of these policies. ...Term Life serves you better than endowment policies
If you really want to purchase a life insurance cover that is meaningful there is no alternative to Term Life Insurance.
Have you ever asked yourself the true purpose of purchasing a life insurance policy? We get many responses to this fundamental question -- mostly incorrect. Invariably, the responses tend to be -- "to save taxes" or "to invest and make the money grow". These are noble objectives, but not for life insurance. The primary purpose of life insurance is to provide a financial cover to your dependents if you die early.
Let us assume that you are young, probably in your thirties and have a family comprising two young children. Professionally, you are doing and earning well. Your family is used to a high quality lifestyle. You have some financial liabilities such as a home loan, probably a car loan and some loans for durables. These financial commitments are under control because you have a good stable career. It feels as if nothing could go wrong. That assumption is normally true except that, sometimes, a sudden and unexpected death can derail everything.
Admittedly, early death is a rare event. Very few families go through this. But, the thing to remember is that for those that have the misfortune to go through this, the impact is cataclysmic. Such events set a family back by a decade or more. Many fail to recover. Look around in your family and friend circles and you will spot examples of how early death adversely transforms a family. The true purpose of life insurance is to fundamentally address this low probability but high impact event, because you do not want your family to go through this trauma.
The first question while insuring yourself should be "How much should I provision for and how much would it cost?" Everything else is secondary.
"Premature death is a low probability but high impact event, which you do not want your family to suffer from. This is the only reason for taking a life insurance policy"
Let's address the question "How much should be the cover?" To answer this, one needs to step back and look at the financial commitments required. You would like the house to be provisioned for, and hence the loan outstanding needs to be part of the cover. The same logic holds for all other loans. The living expenses (groceries, electricity, school fees, college education, life-style expense), need to be catered to, for at least the time required for the children to grow up into adulthood. All of this, would work out to anywhere between 8-15 times your annual income (depending on factors such as how much you have already saved, assets you might have inherited, etc.). To make it simple, at least 8 times your annual income is the minimum amount that you must provision for to have any meaningful insurance. How do you achieve this? Is provisioning of an amount 8 times your annual income possible at all?
"8-10 years of income is the minimum life cover required to provide any meaningful protection to your dependents. If you can afford more, go for it. Anything less is insufficient"
Term Life Insurance is an instrument that gives you exactly this kind of leverage. If you are a person earning say Rs 7 lakhs per annum and are about 30 years of age, you can buy a term insurance policy for Rs 15,000 which provides your dependents a cover of Rs 50 Lakhs. In other words, by paying an annual premium which is just 2% of your annual salary, you can leverage a cover which is 700% your annual income, for your dependents. Is there any other life insurance policy, or any other instrument, that can give this sort of leverage? The answer is a resounding "No". Any other life insurance policy will be at least 10-12 times costlier, and not affordable. No thinking person will put 20% of his income into provisioning for an event that has a low probability of occurrence, howsoever frightening that event might be. You do want to provision for the future but not at the cost of complete sacrifice today.
"Do not get so caught up in a low probability event that you completely forego the present. Use the leverage that term life insurance provides -- A cover that is 333 times the annual premium for a 30 year old"
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Term Insurance compared To endowment Policies - YouTube
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