How to Customize Your Term Life Insurance Policy Like a Pro
Term life insurance is a policy that gives money to your family for a fixed time if something happens to you. Every person's financial situation is different, so it is important to make a policy according to your needs. You don't need to be an expert; you just need to think smartly. Understand the Basics First In term life insurance, you decide a time (like 20 or 30 years) and an amount (like ₹50 lakh). If you expire within that time, the family gets the money. Before customizing, think about how much responsibility you have. Home loan? Children’s education? Customization Tip #1: Choose the right term length Short-term (10-15 years) policy is good for those who are close to retirement. But if you are young and have a small family, then a 30-year policy is better. Choose the term according to your age and goals. Customization Tip #2: Take the right coverage amount Taking too little or too much coverage can be wrong. The simple rule is – take 10–15 times coverage of your annual...