Loading NexProTools...
Preparing interactive calculation engine
Preparing interactive calculation engine
Insurance is the foundation of any financial plan. A single health crisis or premature death of an earner can completely wipe out accumulated assets. Secure comprehensive Health Insurance (to cover hospitalizations) and Term Life Insurance (to cover annual expenses for dependents in your absence). Avoid bundling insurance with investments (like ULIPs).
If you earn $60,000 annually, your term life policy should carry a face value of at least $600,000.
Test your understanding of the core concept.