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How much life insurance you need depends primarily on the number of dependants you have, and the amount of liability like loans you carry. It would also depend on estimating how long your dependants would take to start spending for themselves. "Typically, you need to calculate the living expenses of your dependants and multiply the amount by the time period you think they would need the money. This is after you have accounted for all your liabilities." After arriving at the figure, you need to look for a policy that can give you the required cover at the 'cheapest possible price. The market offers several plans, ranging from a pure term to investment plans like a traditional endowment plan and unit-linked insurance plans (Ulips). Our choice is the term plan as it works out to be the cheapest and simplest. You just pay for the cover and the policy pays in the event of death.
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