How much life insurance do we need

LIFE TERM INSURANCE

INTRODUCTION It is a tool in the management of risks – a device through which the risks faced by the individuals are pooled together and thereby all the members of pool will share the losses suffered by a few individuals.

It will provide you protection for any particular period of your life, the phase that you have insured. Mostly you will get benefit only if you die during the ‘term.’ The term can range from one year to 30 years, the most number of policies ranges for about 20 years.

How Much Life Insurance Do You Need ?

Your life Term insurance needs will depend on a number of factors, including:

• The nature of your financial Obligations • Whether you’re married • The size of your family • Your career stage • Your goals

For example, when you’re young, you may not have a great need for life insurance.

However, as you take on more responsibilities and your family grows, your need for life insurance increases.

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