What should be the ideal duration for a life insurance policy?
You should have a life insurance policy for as long as you have financial dependents
What should be the ideal duration for a life insurance policy?
Nirav Mehta, Delhi
The selection of duration of the life insurance policy depends on a number of factors which are unique to every individual. Ideally, one should insure oneself for as long as they are the critical or crucial bread earning member of the family. Money at the right time in the right kind of insurance policy helps your financial dependents retain the similar life-style as they would have were you around.
At a younger age, take a life insurance policy which is available for as long tenure as possible. As you grow older, you could review your insurance needs and even taper your insurance coverage to meet your financial situation and take a policy for your dependents accordingly. Ideally, you should have a life policy for as long as you have financial dependents.