The Term, whole life, endowment, annuity policies or the combination of policies are available in the market. The best policy is the one that best meets your financial needs. You have to select the policy according to yo

CS Professional · Insurance - Law and Practice · PYQS · December 2020
The Term, whole life, endowment, annuity policies or the combination of policies are available in the market. The best policy is the one that best meets your financial needs. You have to select the policy according to your needs. Suggest suitable life insurance policies for the given situations : You are at the age of 25. You just joined an organization. You are recently married. Now you cannot spend more on life insurance.

Answer & Explanation:

For these situations, the suggested best policy is Term Insurance Policy . These plans offer life insurance cover for the specific number of years, at least cost. The premium of Term Insurance is comparatively low at the age of 25. Since the entire premium goes towards the cost of insurance, there is only risk cover and no saving element is involved.

Topics: Life Insurance Products

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