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A term life insurance is your best bet when you are a new entrant in the job market and have just tied the knot.Why Term Insurance?Term life insurance financially protects your family in case of your untimely death and caters to the requirements of all age groups. The important point to remember is to match the right plan with the right stage of your life.How Do You Get Started?You can do a lot of research online to get the process started. Friends and family will have suggestions in abundance for you.To start your journey in life insurance, you want a policy that saves tax and offers life coverage at an affordable premium.Is Age A Factor?Age is not a factor if you:· Have paid off all of your high-interest debts· Have built an emergency fund that covers you in case you lose employmentWhat Are the Benefits of a Term Life Insurance?These would be some of the benefits of a term life insurance plan:· A term life insurance is a pure death benefit plan.· It assures your loved ones of financial protection when you are not around.· It is an income replacement at an affordable rate in the event of your untimely demise.· It covers your beneficiaries for the duration of the policy without any changes in the premium.· You can add on riders such as Critical Illness, Accidental Death Benefit, Waiver of Premium and Return of Premium, etc.How Do You Plan Your Term Life Insurance at This Life Stage?As a first time term life insurance policyholder, you will have the capability to take on bigger risk appetite and opt to go with a higher sum assured policy. You have less liability and possibly a high spending pattern.At this life stage, you will be focussing on loan liabilities and possibly the birth of your first child since you have a job and also tied the knot. This classifies your financial responsibilities between mild and moderate.Term life insurance is a long term game with average policy duration between 5 and 40 years. Your cover will cease if you miss any premium payments during the term of the policy. Consider a tenure until your retirement where you have met all your life goals and have saved enough for your retirement too.Do Term Life Insurance Offer Any Flexibility and Customisation?In most cases, term life insurance offers you the flexibility to select the preferred premium amount and the life cover that appeals to your budget the most. Customization also includes deciding on premium payment terms such as a single or regular payment over the policy term.You can also choose the sum assured and the frequency of payments for the policy.Are There Any Tax Benefits at All?Term life insurance offers tax benefits where you can get deductions of up to Rs. 1.5 lakhs under Section 80C of the Income Tax Act, 1961. Term life insurance on maturity is also tax-exempt under Section 10(10) D.Remember that term insurance has no investment component in it. It is the most affordable form of insurance that offers life cover.Check out some more questions answered by us:Which term plan is best suited for a 31 year old in India?What are the best term insurance policies for a 32-year-old in India?

Change the beneficiary.Cancel the checking account and open one in your name only.Do not let him come in your house without another adult, who is on your side, in the house with you.Get him off the car registration.Get him off the credit cards.Get a new cell phone. Get him off the cell plan you have.Change the locks on the house.With all this, you may take a hit financially. But if you don’t protect yourself, he will ruin you.Best of luck.

There are a few terms that anyone considering a life settlement should know. We’ve listed some of the most important ones below.Accelerated Death Benefit: This is a benefit, or rider, that can be attached to a life insurance policy. It allows the policyholder to receive cash advances against the death benefit in the occasion that the policyholder is diagnosed with a terminal illness.Accelerated Benefit or Living Benefit: These are death benefits that can be paid to the policy owner while the insured is still living.Appraisal or Bid: An offer to buy a life insurance policy. When you and your advisor enter into the life settlement process with Ashar, your policy is not appraised until we do a Secondary Market Valuation® (SMV®) on your policy, to establish Fair Market Value (see below for our definition of the SMV).Cash Surrender Value: The amount your policy is worth if you decide to voluntarily terminate it. This amount is determined by the value of the insurance premium paid up to the date of termination, minus surrender charges charged by the insurance company. Typically, the cash value is low in relation to the amount the policy is worth. A life settlement can be a way to receive more for a policy that you no longer want or need.Escrow: A third-party account where funds received from a life settlement are held after the settlement has been finalized, but before the insurance company has completed the ownership and beneficiary change. If you sell your policy in a life settlement, your lump sum will sit in escrow for a short period of time before being released to you.Key Man or Key person Policy: This is a life insurance policy specifically for businesses, designed to protect the business against financial loss caused by the death of a vital member of the company (someone with trade secret, technical, or other knowledge). These policies can also qualify for a life settlement solution.Long Term Care: Medical and/or non-skilled care that helps meet the health and daily needs of the elderly or those with chronic illness. Many people who decide to sell their life insurance policies on the Secondary Market do so in order to fund long term care for themselves or a spouse.Secondary Market: A secondary market is one in which investors purchase assets or securities from other investors, instead of from the original issuing companies. The Secondary Market for life insurance policies operates similarly (see an overview here), with investors purchasing policies directly from sellers—working with the assistance of financial advisors and brokers.Secondary Market Valuation – SMV®: This is the process that Ashar uses to determine the Fair Market Value of a life insurance policy. It consists of five steps: a strategic interview, a policy filter to assess the strengths and weaknesses of the asset, a comprehensive medical review, pricing analysis, and finally an internal assumption challenge, which is a kind of peer-review critique of each valuation.Life Settlement: A life settlement is the sale of a life insurance policy to a third party for a value in excess of the policy’s cash surrender value, butless than it’s face value (death benefit).Rescission Period: A designated period of time, usually around 15 days, during which a policy seller can rescind a life settlement transaction. These periods are dictated by state law, and so may differ from state to state.If you'd like to learn more about life settlements, I'd be happy to talk.-Jonteam leadership - Ashar Group