This seems like a season of disclosures!
After disclosing to you the stocks and mutual funds I own in my portfolio, today I discuss the amount of term insurance I’ve bought and my reasons for the same.
Buying a term insurance is one of the most important steps in your overall financial planning.
You may avoid buying any ULIP, Endowment, Money-Back, or Child Plan…but just don’t avoid term insurance.
This is especially true when you have dependents but don’t have enough assets (investments, trusts, etc.) to provide for them after your death.
However in case you have dependents and also have enough assets to provide for them after your death – a fully-paid-for home, a large and well-performing investment portfolio, frugal lifestyle – then you “do not” need term insurance.