Covering risk with Pure Term Insurance

MONEYMONK WEEKLY MESSAGE 6/2019

Covering risk with Pure Term Insurance

You starts earning and with it saving and spending. You spend on dependents too besides yourself. You marry or have children and create new dependents. These dependents are at a risk in case of your accidental or unfortunate death. This can cause great emotional and financial hardships to the dependents. Covering this risk is thus critical. Pure term insurance can solve this.

Pure term insurance policy premiums are low and remain the same even as one’s age increases .

Sum assured in case of death, as a thumb rule can be ten times the annual salary or income.

As the salary or income increases this must be reviewed and additional policies can be taken. As a norm all the earning members in a family must take this term cover.

Also recommended is taking term policies for the other dependents like spouse or parents  in case their medical insurance or risk cover in case of any illness is not adequate. This will not financially burden surviving family members in case of an unfortunate death after a costly illness of such dependents. 

Note

All other insurance policies other than ‘the pure term insurance’ are not adequate as a risk cover and are not good as an investment too. 

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