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I would like to take Life insurance for myself. I would like to know about my wife, my child and my parents. Is there any family life insurance? I think ‘No’ I would like to take which will be actually beneficial and wants a life cover of 1 cr. Also is it advisable to take life insurance of father and mother when they are in their 60’s. Please advise on this.
Life Insurance Cover is bought to cover risk of loss of breadwinner. If you wife and parents are earning and somebody is dependent financially on them, then buy life insurance minimum of 10 time of their income.
Use these calculator for your parents -
Human Life Value Quick Calculator - http://www.policywala.com/hlvcalculator.php
Life Insurance Income Replacement Needs Analysis Calculator - http://www.policywala.com/lincalculator.php
For your wife check here -
Home Spouse Life insurance Income Replacement Needs Analysis Calculator - http://www.policywala.com/hwncalculator.php
There is no family life insurance policy, which covers all the family members. But you can go for group life insurance policy if there is a group of 15 members, which is in existence before buying the group policy and not specially created for buying just group life insurance policy. If no one is dependent on your father and mother (who are in 60s), no point of buying life insurance now. If you buy now, you would have to shell out lots of money.Quote:
Originally Posted by peraccount
A husband and wife combine take joint insurance policy. After age of 60 it is next to impossible that they will not get policy.