Master Your Money, Master Your Life [PDF]

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Master Your Money, Master Your Life Book

Banks and insurance companies, while selling term insurance (which they don’t like to sell much), usually highlight premium rates for thirty-year-old buyers for twenty-year plans. It’s a clever ploy because the premiums for this low-risk age band of thirty to fifty years are very low and people tend to purchase them. However, such a plan will end when the insurance needs are high.

It is only when you cross fifty that your visits to doctors and hospitals increase. But with such plans, when you reach fifty the policy ends. So you pay premiums for twenty years and when you need the amount you don’t get it because the policy has lapsed. Another win for the insurance company! So my advice to you is that don’t take a fifteen to twenty-year plan that will terminate when you are in your fifties. Buy a policy that will cover you till the age of sixty to sixty-five years.