Mika
VIP Contributor
A life insurance policy is an insurance policy that covers terminal illness, loss of organs due to accidents, and also death. If nothing happens during the insurance tenure, you will get your insured amount along with a bonus. You can get a life insurance policy for the term of 5 years, 10 years, or even 25 years. But this also means you are paying premiums for the entire term, which might be financially daunting if you have a limited income. By the way, how do you decide the term for your life insurance policy?
When I was buying a life insurance policy, I wanted to choose 15 years term. However, for the amount that I wanted to insure, I did not have enough money to pay for my first premium. If I chose 20 years period, the money I had at that time would be just enough to pay for my first insurance. Therefore, I chose 20 years term.
When I was buying a life insurance policy, I wanted to choose 15 years term. However, for the amount that I wanted to insure, I did not have enough money to pay for my first premium. If I chose 20 years period, the money I had at that time would be just enough to pay for my first insurance. Therefore, I chose 20 years term.