I already have simple term insurance, do I need to get anything else?
Are equity-linked insurance plans completely useless or do they make sense under some circumstances?
That's the best kind of life insurance to get. Avoid whole life etc that combine savings and insurance. because the savings part is not earning you good returns.
Some other insurances to have:
- Health. Max it out and add a cover like critical illness. These are cheap to buy as policies and these are also the illnesses that cost a lot.It's a no brainer
- Home insurance - amazing how many home owners don't have this in India to protect against major issues. It costs nothing - less than 5 k a year probably. And it insures what is likely to be your biggest financial asset from floods, earthquakes, collapses, and even terrorism.
- Overseas travel insurance - Super expensive if you fall sick when abroad. Just buy this policy each time. If you travel often like me you may forget to buy it each time - buy one annual policy then that covers all your trips.