Insurance
This query is : Resolved
Sharwan Baluni
(Querist)
05 March 2012
what is better option 'Term insurance' or 'whole insurance'? Should we see insurance as a investment or a pure term cover?
06 March 2012
Investment cannot be Term insurance', it can only be 'whole insurance' or similar or shorter terms depending on a particular need and for financial planning.
'Term insurance' is used to cover a person who has loans, outstandings and to ensure family does not lose all in case the breadwinner is no more.
Hence insurance can be a investment or a pure term cover depending on a person's situation.
Ideally insurance is investment as it is a vehicle to ensure a person does not get into the debt trap later in life when money is needed, if investment is started in insurance when one starts working.
'Term insurance' is used to cover a person who has loans, outstandings and to ensure family does not lose all in case the breadwinner is no more.
Hence insurance can be a investment or a pure term cover depending on a person's situation.
Ideally insurance is investment as it is a vehicle to ensure a person does not get into the debt trap later in life when money is needed, if investment is started in insurance when one starts working.
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