The Long Read

Everything you *need to know* is right above this. Scroll down, only if you'd still like to read more (honestly, why?)

Yes, of course! It is like asking, can a batsman go to the field wearing only his knee pads for protection? What do you think will happen?

Because of incomplete protection, he will end up injuring his head, hands, or legs.

This is exactly what will happen if you don't get term insurance and instead, opt only for employer insurance, credit card insurance, government insurance, mutual fund insurance, etc.

The total amount from all these other insurance policies will not be enough to meet your family's financial needs in your absence.

On the other hand, the amount of one term policy is larger than the amount from multiple other insurance policies.


If you pass away during the policy duration, your family will receive this lumpsum amount aka the term insurance life cover which will help them overcome any financial crisis they may face in your absence, especially if you are the sole breadwinner.


So, to answer your question, yes, you need term insurance even if you have other insurance policies so that your family is protected not just partially but completely.

No, unfortunately, it is not enough.

Employer or group term insurance is a great employee benefit, but the life cover you receive from that plan will never be adequate for your family’s financial needs in your absence.

Besides insufficient coverage, your employer insurance plan comes with a lot of other limitations. Read to know in detail about group term life insurance vs individual term insurance and why your employer term insurance is never enough. 

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