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Layoff : Can one buy insurance having lost job

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28 Jul, 2023 by  Shailesh

Hello Experts,


If one looses job and has to depend on investments for say a year, can he or she apply for term life insurance?


Regards


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Basics of Insurance

1 Answer

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09 Aug, 2023

Hello Shailesh,

Generally, one needs to have an active income to be eligible to buy term insurance. Term insurance is issued with the assurance that one will be able to pay the required premiums. To ensure the same, insurers ask for documents that prove the source and type of income. At the time of application, one may have to submit income proof documents, such as ITR of last/last two financial years, form 16, salary slips of last 3 months, etc.

You can, however, get in touch with a few insurers to check if they issue term insurance on the basis of passive income.

Hope this clarifies! Thanks!

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