Can I take term insurance of more than 1 crore for my student son ?

POSTED BY piyupanch ON July 3, 2014 8:52 am COMMENTS (3)

it is recommeded to start saving as well as have insurance cover early in life. can one buy a term insurance more than one crore for his son above 18 years of age but is a student

3 replies on this article “Can I take term insurance of more than 1 crore for my student son ?”

  1. piyupanch says:

    none have answered if term policy is available or not. I am thinking in advance because it is possible that in next 7 years he will be married.

  2. Viren Phansalkar says:

    Another aspect (apart from what Ashish has mentioned) is the duration of the life insurance policy:
    Current age: 18

    For 20 years policy:
    Policy expires when he turns 38

    For 30 years policy:
    Policy expires when he turns 48

    So this assumes, that he does not have any liabilities when he turns 38 or 48…

  3. Ashish Garg says:

    Start saving early is important, but taking life insurance early is to be debated. If this goes, one should look at insuring the kid at birth itself.

    Please understand why do we need insurance – to safegaurd are family / dependents. If there is no dependent then why and for whom would you need insurance?

    Ashish

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