Financial planning for family

Being Independent at 60+

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A Term Plan

One responsibility that I’m very proud of having fulfilled is that I’ve purchased Edelweiss Tokio Life MyLife+ which is a Term Plan that will pay my wife a lump sum amount in the event that I pass away. I’ve been paying the annual premiums religiously for the last 30 years and the policy covers me till the age of 80. So, if I pass away any time before the age of 80, she will get a lump sum amount that can help her to be independent and will give her the freedom to live the lifestyle that she does now.

A Term Plan May Not Have Any Maturity Value, but Buying It Is About Maturity

Many people argue that a Term Plan does not provide anything to the person who pays the premium or in another sense does not have any maturity value. Even though this may be true, it is important to understand that insurance in its truest sense is not an investment, but a risk coverage plan. Also, a Term plan comes cheaper than the ULIP’s for the same Sum Assured. If you add riders like the waiver of premium, it helps to reduce the burden of paying the premium in case you meet with a critical illness or become disabled. All this makes Edelweiss Tokio Life – MyLife+ a good buy to give my wife a secure life after I am gone.

Just then, a round object flew in my face and dislodged my spectacles from the bridge of my nose. Instinctively, I cupped my hands and caught it before it could fall onto the ground and break into pieces. My grandchild had thrown the ball at my face expecting me to catch it. I caught my falling spectacles instead. I looked at him in amazement. He was giggling and beside himself with joy. Being with your grandchild, at times, is like meditation. It calms your nerves when you see them giggling. It’s a good thing that I ensured that my wife will still be able to watch him jump with joy with full financial independence even without me being with her. Generate a quote today and make sure that your spouse is able to enjoy her time with her grandchildren in an independent manner.

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