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Wondering how long you need to keep yourself insured?

It's important to ensure that you have adequate insurance till the time you are the bread-winner.

Apnainsurance Research Bureau

20 Dec 2007

You should insure yourself for as long as you think you would be the crucial bread-winning member of the family. In most cases, your insurance cover should have a term that matures when you reach the age of 58-65 years - the age of retirement in most professions. That is, the term of your life insurance policy should be from the age you are at present up to your planned retirement age.

For instance, let's assume that you have a family; your spouse and two kids. Your age is 32. You work at a software consulting firm at a salary of Rs. 12 lakh per annum. If you were to take a life insurance policy on yourself now, the term of your policy should ideally be 65-32 = 33 years.

What have you done here?

By insuring your life for the next 33 years (the period of time till you reach age 65) you have ensured that even if you were to pass on at any time in the next 33 years, your spouse and children will have the financial backup to ensure their comfort in the absence of your income.

Note: The term of your life insurance policy is critical. But for it to ensure complete security for your loved ones, you must make sure that you insure your life for the appropriate or adequate sum. To find out how you do that click here.

Typical life insurance policies provide cover for a maximum term of 55 years or until the age of 70, whichever is earlier. However, if you are looking for policies that cover your entire life span, you could purchase Whole Life policies

See also:

What is life insurance?

Do I need life insurance?

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