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Advice by Manju Dhake, Head – Insurance Advisory Practice at 1 Finance

Term insurance remains essential for both partners, even when both earn well. Each spouse carries responsibilities and future financial commitments, and term insurance is designed to act as an income replacement tool—not an investment product. In the unfortunate event of one partner’s passing, it ensures the surviving spouse can sustain their lifestyle, manage ongoing expenses, and meet long-term goals without financial strain.

The ideal cover amount isn’t one-size-fits-all. It depends on a range of factors, including age, income, liabilities, dependents, retirement goals, passive income, existing insurance policies, and accumulated wealth. Instead of relying on rough income multiples, assessing your pe

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