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How-to-Get-Higher-Term-Cover-than-Your-Eligible-Amount (1)

Learn how to increase your term insurance coverage beyond income-based limits using strategies like increasing cover options, adding riders, or building a personal financial corpus. Ensure your familyu2019s financial security with smart planning and the right coverage approach.

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How-to-Get-Higher-Term-Cover-than-Your-Eligible-Amount (1)

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  1. How to Get Higher Term Cover than Your Eligible Amount by Nidhi Verma Algates Insurance

  2. Assessing Your Requirements What do you want your term insurance policy to do in your absence? Protect your family financially by taking care of all their financial needs until they become independent. 01 Calculate Monthly Expenses Determine family's comfort level spending Start by calculating monthly expenses your family needs to live comfortably. Use the Expense Replacement Method to determine required coverage adjusted for inflation. 02 Adjust for Inflation Factor in future cost increases 03 Use Calculator Get recommended coverage amount Algates Insurance

  3. Checking the Eligibility Term insurance coverage isn't just about your needs4it's limited by your annual income eligibility. 30-35X 20X Young Adults (25-30) Around Age 40 Maximum coverage multiplier of annual income Reduced coverage multiplier due to age If you need ¹2 Crore coverage but only qualify for ¹1 Crore based on income, you'll likely be offered just ¹1 Crore. How can you unlock higher coverage? Algates Insurance

  4. Ways to Get Higher Coverage Try : https://algatesinsurance.in/products/term-insurance-calculator/ Algates Insurance

  5. Two Effective Strategies 1. Increasing Term Cover Option 2. Adding Riders Coverage grows over time4typically 25% every 5 years up to 100% of initial amount. Accidental Death Benefit: Extra coverage for accidental deaths. Example: ¹1 Crore ³ ¹1.25 Crore (5 years) ³ ¹2 Crore (20 years) Example: ¹1 Crore base + ¹1 Crore rider = ¹2 Crore total accident coverage Algates Insurance

  6. Building Your Corpus Can't get term coverage due to medical history or risky profession? Start building your own financial cushion. Save Monthly Invest Wisely Set aside portion of income regularly Match investments to risk tolerance Build Over Time Grow into substantial family support Algates Insurance

  7. Key Takeaways 1 2 3 Assess Your Needs First Understand Income Limits Explore Enhancement Options Use term insurance calculator to determine required coverage based on family expenses Coverage typically capped at 20- 35X annual income depending on age Use increasing cover features, riders, or build your own corpus when needed Remember: The goal is ensuring your family's financial security4whether through insurance, investments, or both. Algates Insurance

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