Dear Madam, I agree with you, to take term insurance for myself. But as I have mentioned, I am unable to save much even though I earn 2.25L approx pm in UAE due to over burden of personal loan, which I had to take due to I lost my 5-6L in US trading invested from credit card. For which was unable to pay due interest went on increasing. So I had to take PL to close these credit card loan. My confusion is taking term life for myself. If I take Term Insurance for myself, it will help my family after me..right? But If I take Term Insurance for wife (homemaker), even though it will help after her. Pls guide me on this. What is the benefit for taking term insurance only for me and not for my wife, beside permium payout.

Ans: Term Insurance is to safeguard your family in case something happens to you. The money received from the insurance will be kind of income replacement in the lives of your family so that they do not face any financial difficulties.

As you mentioned you have debt, it is important for you to select MWP - MArried Women Protection ACt in your insurance. This will make sure all money comes to your wife instead of your lender.

Also as you are tight on expenses, why do you even want it for your spouse? This insurance is actually for earning members so that if anything happens to them, their family doesn't suffer financially. As your wife doesn't earn, you do not need this for her as no one will suffer financially if anything happens to her.
Take it for yourself.

Hope you get some clarity now.

Best Regards,
Reetika Sharma, Certified Financial Planner
https://www.instagram.com/cfpreetika/