Do I need a second term insurance policy?

POSTED BY Gaurav Sakhardande ON November 20, 2013 12:56 pm COMMENTS (6)

Hi Manish,

I am 23 years old and already have a Aegon Religare term plan of 5o lakh with all riders till age of 75 years. I was checking if I should buy another plan.

I was checking other companies plans but observed that the max policy tenure is around 30 years. This means that if I buy another plan then it will end in my 50s. But, my average working age would be around 65. So, I was thinking that probably I should wait for another 8-10 years and then buy another term insurance plan. At that time, my dependencies and priorities may also change.

What do you think about it?

6 replies on this article “Do I need a second term insurance policy?”

  1. rajkanwar321 says:

    Interesting conversation! Yes, you can opt for second term insurance policy. It is good to have two so that you don’t solely depend on one. I have also taken term insurance policy from Birla Sun Life since they were up to my expectations and of course at a reasonable premium. Think twice before making a decision. It is always better to consult a financial advisor before making a final decision. Just for your reference you can check the host of plans Birla Sun Life is offering.

    http://insurance.birlasunlife.com/Pages/Individual/Our-Solutions/Protection-PlanDetails.aspx?PlanViewMode=ProductVariation4&PlanID=28

    Best of luck. 🙂

  2. ashalanshu says:

    Dear Gaurav, only you can answer this, if rain is to come today, what benefit ‘ll you get from umbrella to be purchased tomorrow?

    Thanks

    Ashal

  3. ashalanshu says:

    Dear Gaurav, if you feel that you do need Term cover till age 75, so be it. Please purchase accordingly. Yes splitting your cover in 2 companies is OK.

    thanks

    Ashal

    1. Gaurav Sakhardande says:

      Actually, I think I need cover till age 65. But none of the policies except aegon religare (which I already have) cover for that long. sa I am only 23 years in age.

      So, when do you think is the best time to purchase my second policy?

  4. ashalanshu says:

    Dear Gaurav, do you really need term cover till age 75?

    Thanks

    Ashal

    1. Gaurav Sakhardande says:

      Yes, I agree. But I can discontinue the policy anytime. And the premium is also going to remain same throughout life.

      What opinion do you have about my question (going for a second policy)?

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