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Need opinions on getting a Life insurance policy for my parents

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24 Nov, 2021 by  Apurva Sawant

Hi everyone! I'm new to life insurance or anything about being financially literate. I am considering life insurance. I have a funny worry of dying and leaving my parents with nothing if something happens to me. I want to start looking into life insurance and what my options look like for a 25 y/o working man. I am totally overwhelmed by the no. of insurance plans and companies out there!

I’ve so many questions like what happens if I die if I don’t finish paying it off?How long does it take to pay off life insurance? What is the best company to look into?

Where do I begin?

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Term Life Insurance

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26 Nov, 2021
Sunny P

Hey Apurva,


Firstly, hearty congratulations on this thought of taking the first step toward your Financial well being and security.


It is never too late to make a start. Would request you to read this book "Let's talk money - by Monika Halan".


This book will not only guide you with regards to your insurance needs, it would also help you get an over all perspective about your Financial well being.


It will help you find the "why", before you decide the "how". Like its said, "When The Why Is Clear, How Is Easy".


All the best !


Keep Shining,


Sunny

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29 Nov, 2021

Hey Apurva,

Again, to start with, I would recommend you to go through our content on Term Insurance in depth-first. Trust me, it'll help you a lot!

To answer the few questions that you have asked above -

  1. What happens if I die if I don’t finish paying it off? - If you have a Term Insurance policy and you die during the policy term i.e. in between the duration of the policy, your nominee (parents, wife, children, etc.) will get the benefit amount (called Sum Assured) of your policy. The only condition is that you must have paid all your premiums on time - before you died.
  2. How long does it take to pay off life insurance? - It depends. When you are purchasing your term plan, you need to select the duration of your policy. Now you can select if you want to pay your premiums for the entire duration of the policy or for a limited period. The former is called the Regular Pay option and later is called the Limited Pay option.
  3. What is the best company to look into? - You should check out our Beshak⭐Ratings for this. You'll get a better idea.

Hope this helps! Let me know if you have any follow-up questions.

Thanks!

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