A child is the top priority for his parents. The parent would do anything to make sure the child has a secure future and is happy in his life. Similarly children also want to make sure that their parents get the best of the life style. Children want to make sure the parents are independent financially.
Life insurance plays an important part when it comes to living life stress free. A person who is adequately insured can enjoy the life to the fullest without worrying about the financial expenses in his retired life. A pension plan brought at the right time can be a life changing decision for any individual.
While buying life insurance for one’s parents one must keep the following points in mind.
- A small term investment plan that can guarantee regular income would be the best choice.
- People above 50 should get plan with 10 years term or even below.
- Make sure your parents know the exact working of the plan.
- You must ensure the plan is for the maximum term available.
- Do check with your tax consultant if you wish to claim tax rebate on the premiums. Not all plans would have that option.