Life Insurance

Written by Vipul Gupta

All Articles Edit Article
6/18/2020 • 438 views • Money & Finance 💵

(contact Vipul Gupta @ to get answers to question you may have about this article) 


Hello Friends 

I am going to discuss something which many of us are uncomfortable talking about.  


We all have to leave this body one day. But are we leaving behind loved ones in financial distress? I have come across multiple instances where the families are left behind struggling to maintain the same or even reduced lifestyle. Sometimes they are not able to even provide for few months of basic expenses. No one wants to leave behind family in financial ruin and dependent on others. Financial planning is important. So following are some things you should do today. 

  1. Get an estimate of your annual expenses 

  2. Plan to have same level of expenses for normal expected life (90yrs is minimum I would suggest) of younger of you or your spouse. 

  3. Find out your current net savings (savings minus debt) 

  4. calculate if that is enough to last for  rest of the life. You will earn some return on savings, so make it part of calculations. 

  5. Last step is get Term life Insurance for the the difference in what you will need to pay for all the expenses for life. Don't fall for annuities, whole life or other complicated policies. Life insurance should be treated as an insurance, not investment to grow money. 


One mistake people make is only buying life insurance on the husband (as primary earner). What happens if wife, who is working overtime to care for family (kids, old parents)  passes away? Will you be able to maintain your earnings and do what she used to? Answer is no. Get term life insurance policies for both of you. They are inexpensive. 

Do it Today. 

More  articles:  

Basic Budgeting

Talking to your family about finances 

When to Quit your job 


(Disclaimer: I am not a financial advisor. I do not sell any financial products or services. These are my opinions based on observations and experiences. Please consult a certified financial planner to implement any strategies) 

Back to homepage