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 beginning of career; you want to combine both insurance and saving. But the combination of this saving and insurance is costly. Right now you cannot invest much, having dependents and you want to invest later after settling in the career.

Answer & Explanation:

The best policy for this situation is the Convertible Term insurance policy . This plan offers life insurance cover for the specific number of years, and at the same time it also facilitates to convert this policy into endowment policy (when your income increases) which includes saving element.

Topics: Life Insurance Products

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