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Buy Term insurance to 65 years as a basic protection
13 Jul 2020 (395 views)

The policyholder took up this Term policy 5 years ago. She is now 30 years old. She asked me if she should continue the policy, as it does not provide any return on the expiry date. 

I gave her the following reply.

You are paying a premium of $350 a year to get coverage of $300,000 up to age 65. This is a suitable plan to provide protection. The premium is acceptable, i.e. not expensive. 

It is perhaps the most suitable protection plan for a young person. It is better to be protected under this plan than a more expensive life insurance policy that offers a cash value (which usually provides a poor yield).

I suggest that you keep the policy as your basic protection.


Buy Term insurance to 65 years as a basic protection
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The policyholder took up this Term policy 5 years ago. She is now 30 years old. She asked me if she should continue the policy, as it does not provide any return on the expiry date. 

I gave her the following reply.

You are paying a premium of $350 a year to get coverage of $300,000 up to age 65. This is a suitable plan to provide protection. The premium is acceptable, i.e. not expensive. 

It is perhaps the most suitable protection plan for a young person. It is better to be protected under this plan than a more expensive life insurance policy that offers a cash value (which usually provides a poor yield).

I suggest that you keep the policy as your basic protection.