Life insurance/term insurance
My father is 49 years old..and he did not have a single policy covering his life. What type of plan should I buy to cover his life? Because at this age monthly premium for term plan is so high. Pls 🙏 help
Dear Karthik,
You can buy pure term insurance for your father or ULIP for investment cum insurance.
But income proof is mandatory for pure term insurance.
Pure term insurance is suggested only to people who has dependents.
Consult financial advisor before buying
Thanks & Regards
Vikram Aralikatty CFP
Dear kartik
Why does your father need insurance :
1. Does he have financial liability like loan or dependents on his income
2. Has he completed financial responsibilities
3. Does he enough saving to providevregular income to your mother
If answer of any question is No , then he needs term insurance.
But many companies need proof of income generation and education qualification before issuing cover under term insurance.
If your father is not having a pension and ypu are funding the premoum then companies have monthly income plans where you pay for 20 years and get monthly income for 15 years . In case
of death , family get sum assured and monthly income .
Hope this information is sufficient
Shailesh
Insurance Samadhan
Hi Kartik,
The mortality charges will be higher at his age. If you want to take his life insurance, then go for pure term policy only.
Policy issuance will be subject to medical and financial underwriting.
Thanks
Gurleen Kaur Tikku
Hareepatti