I have a 20-year old son who is still studying. I want to buy a term insurance cover for him. I logged on to couple of Life Insurance websites and tried to buy the online policies. But all of them asked for income proof. And obviously the applicant being student this is not possible. Is there any other way to buy term insurance for my son?
- Nandan Kossambe
Term insurance is usually bought for the earning member of the family, so that the family members who are dependent on his income do not face financial difficulties if the bread winner passes away. So, all insurance policies require the income proof to be submitted for providing the insurance cover.
It is not even useful to buy a term cover for a person who is not earning and has no one dependent on him for expenses. You can refer to the following link which describes the basics of choosing an insurance plan How to Really Buy Insurance
This article was originally published on February 18, 2015.
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