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Life Insurance or Term Insurance, Which one should I go for?
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28 Oct, 2021
by Fleming D'costa
Hi guys, I am a 24 y/o working woman with a basic income and I am very new to insurance. I am thinking to start investing in insurance. So is it good to invest in insurance, if yes then should I invest in Life Insurance or Term Insurance, or any other?
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29 Oct, 2021
Chartered Accountant, Personal Finance Advisor
Hi Fleming
I agree with Asad's recommendation. Please keep insurance and investment separate. Insurance is for protection and investment is for wealth accumulation
Wish you all the very best
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Hi Fleming,
Here is my recommendation:
1. For wealth creation, start investing in mutual funds via SIP.
2. Buy term insurance if you have financial dependants.
3. For diversification of your investments, you can also put some money in PPF, gold ETF, etc.
I don't recommend any sort of life insurance policy for long term wealth creation.
Best,
Asad Akbar