Truth about insurance



Investment Linked Policies and Wholelife policies are very expensive.

For the first few years, your agent will receive up to half of the premiums you pay. Do you want to enrich someone else or yourself? The better choice will be to invest in Term Insurance which is the cheapest option. Better still, do it yourself. Compare prices online and get the cheapest!
Plain is better than complex.

Some insurance products have multiple critical illness claims. These are very complicated options. Why would anyone claim a partial amount for the first occurrence of cancer and claim the rest during the second? Product originations will do all they can to create weird products. Please just buy plain term products.
Buying direct is better than buying through an agent.

Try not to use agents. They call themselves planners but most of them are not specialists in wealth management. They take some exams and meet the minimum bar to sell products. To trust your money with a stranger, you will really need someone who at least, is a CFA Charterholder or a qualified money manager. Planners do not go through the rigorous quantitative training of financiers. There are simple rules to follow for insurance. If you really need help, find a CFA Charterholder or find an adviser with decades of experience, at least.
Yes, you need Death coverage but up to the extent to cover your income.

Your family should not profit from your death. Just estimate your future earnings and cover up to 10 years of your income. Your family members just need a lump sum to tie over while they recover from death of a relative. The purpose of insurance is to mitigate risk, not for gains