Hi, I am about to turn 51, working in a MNC with appropriate life cover (coverage slightly in excess of 1-Cr in the event of death). Additionally, I have taken a HDFC Life Guaranteed Income Insurance plan with a life coverage of up to 1.5cr in the event of death. My liabilities (Homeloan etc) amount to approx 1.5 cr. The loans aren’t covered with insurance. In this situation, do I still need any Term Insurance - currently, I haven’t got any. My retirement age is 60.

Ans: Term insurance is not only related to any loans or money related liabilities. It is also related to the future needs of your dependents. If you have dependents who are not working and have long term needs like retirement, children's education, etc, then you need to account these as your liabilities and factor them in. You need to calculate the amount required to satisfy those needs and avail a term cover which is equivalent to that amount.
Having a term plan early can lock in the premiums (you can always switch to a lower premium policy and discontinue one taken earlier) and the policy itself (In case you contract any illness, you may not be provided with a policy). You can take a base minimum cover and once the liability or goals increases, you have the option to top-up the cover at the prevailing premium rates.

Ans: Hi, Term cover not only protects liabilities but it can be used as a value that represents Human Life Value ( HLV).
You are in your 30's and must be earning so know your HLV and buy the adequate cover accordingly.
Besides this buying early also results in lower premiums and longer tenure to protect life.

Ans: If your family is fully dependent on you, it is very important to take an appropriate cover. At first sight, your cover looks very less. You at least need to take as much cover to cover so that the capital that you generate will take care of your family expenses for their lifetime (or children become independent) plus their needs like education. If you are unable to assess, pls use a financial planner. You can use a term cover so that you are not overburdened on the premiums. However, term covers are pure risk covers and there is no maturity value that you get.

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;