Policyholders generally treat term insurance as a hassle-free financial product. The policy is signed up, premiums are paid annually and the instrument needs no more upkeep to function efficiently. This may be true in a shorter span of 4–5 years. But when applied to longer time-frames, term insurance needs periodic revisits to check for sufficiency of coverage. Term insurance covers your cumulative future income and liabilities. The two factors can change significantly in the long term and so should the term insurance covering them. Here we look at the three stages in a policyholder’s life and the appropriate term insurance cover for those periods.

Start early

Term insurance should be initiated at the beginning of one’s career. At this stage, the burden of financial dependents or large f

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