Insurance Premium: It is important for you to know that you should not pay the premium of the insurance policy after the end of the working year i.e. after retirement.
Insurance Premium: Are you also among those people who consider life insurance as the key to every lock related to finance? Do you also feel that life insurance is the medicine for every problem in your financial health? If so, then you should consider some aspects of life insurance.
Why should you not pay the insurance premium after retirement
Here we will tell you why you do not need to pay the premium of the insurance policy after the end of the working year i.e. after retirement. It means that you should not take such an insurance policy, whose insurance premium has to be paid even after retirement by deducting it from the pension money, whereas many insurance companies provide such long term policies, whose premium you can pay till the age of 70 to 75 years. Experts are giving this kind of advice not only to those whose responsibilities will end by the age of 60, but also to those whose responsibilities will remain even after retirement. Financially literate people have achieved their financial goals by the age of 50. But some people have to repay home loans even after 10 years. Some people also take insurance policies long after retirement to support their wives and children financially.
Life insurance is not a good financial protection
People who take life insurance policies for the financial protection of their wives and children should know that its returns are not that good. It only provides cover for income loss on someone’s death. It cannot provide such good financial protection if a person is alive.
Premiums have to be paid at higher rates at older age
People who take insurance policies at older age have to pay premiums at higher rates. Apart from this, the premium charge increases further if the health is not good at an older age. According to Policy Bazaar data, if a 45-year-old non-smoker man takes a term insurance of Rs 2 crore for five years, then his premium can increase by 40 percent compared to a 40-year-old man.
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