47 Year Old Self-Employed Man Needs Term Insurance Advice?

Ans: Hello, you can get a term cover on the basis of your medical conditions and the underwriters check your latest 3m test reports for the same. There are a few companies good for term and life insurance in general like Bajaj Life, HDFC Life, etc.

Ans: It's great that you've taken a term insurance policy for family protection. As a corporate employee, your company-provided health insurance for you and your spouse is a good benefit. However, relying solely on employer-provided health insurance may not be sufficient for several reasons.

First, employer-provided health insurance is contingent on your employment. If you switch jobs or face job loss, you may lose coverage, which can be risky. It's wise to have a separate health insurance policy for yourself and your spouse to ensure continuous coverage, regardless of employment status.

Second, company health insurance policies often have coverage limits that may not be adequate for severe or prolonged illnesses. A separate health insurance policy can provide higher coverage and more comprehensive benefits, ensuring better financial protection during medical emergencies.

Moreover, it's advantageous to take separate health insurance while you are still healthy. Securing a policy now means you'll likely get better coverage and lower premiums, which will benefit you significantly during retirement when health issues are more common.

Regarding your parents, since they are dependent on you, it's prudent to have a dedicated health insurance policy for them. Employer-provided health insurance might have limitations on the coverage for dependents, especially for senior citizens, and could be insufficient for their healthcare needs.

In summary, having separate health insurance for yourself, your spouse, and your parents ensures continuous, comprehensive coverage and financial protection against medical expenses, both now and in retirement.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: Hello;

If 50 L is equal to 10X your annual income and you have made investments to fund your daughter's education and your retirement then no need to top up.

Hope you don't have any ongoing loan liability.

Weigh these factors and seek help from an insurance advisor/financial planner if needed.

Ans: Hello;

What is the approx current value of the 2 old flats?

I am presuming that you are not occupying any of these flats.

What is your current annual income, from business and other sources?

Do you have any healthcare insurance coverage for the family? If yes how much?

Based on your answer to the above queries, we can advise you suitably regarding additional life insurance.

Thanks;