Life Insurance is not an expense, many people think of it as one & choose to completely ignore its importance. It’s a very essential tool that will help you secure and built wealth and at the same time offer complete protection to you and your family.
Your child may aspire to become an artist, a chef, a singer, a doctor, an engineer or pursue a career path of his or her choice. It is important to calculate the amount you would need to support your child’s aspirations. The first step towards calculating the expenses towards your child’s education is to identify the career path that your child would want to take. The expenses will vary accordingly.
The death benefit is the primary feature of a life insurance plan, and regardless of which type of plan you invest in, the death benefit remains integral. You should ensure that your family has adequate death benefit cover to take care of the household expenses, as well as future financial goals.
It is important to choose the right child plan that can provide you the amount you would require to meet your child’s education expenses. Look for a plan that provides you the flexibility to invest as per your requirements and convenience. Some plans provide you the option to choose the premium amount and the frequency at which you want to pay. Finally, check the returns that you can get from the child plan.