Here’s How I Plan To Leave A Legacy For My Children And Grand Children

Life is akin to risks. Although you cannot predict risks, you can certainly prepare yourself for the worst. And insurance is a way to do so. By having a life insurance policy, you can protect your family in the event of an unfortunate demise. Life insurance ensures that the life of your family members does not come to a standstill in your absence. Hence, every individual should invest in an insurance policy in order to provide a cover for their family members in case of an accident or death. Given the number of policy options in the market, it can become a difficult task to decide on the best-suited policy. Hence you must consider various factors before deciding to invest in one.

While choosing the life insurance policy, you must determine the required coverage amount for the same. It is the most important aspect of selecting a policy and entirely depends on your lifestyle. You need to consider the standard of living of your family, inflation and needs before deciding on the sufficient coverage amount for your family. Once you have decided on the sum you want to assure; you need to determine the tenure of the policy and the returns you expect from the same. Insurance policy offers protection in difficult times, it is like an umbrella on a rainy day, and the policy amount in addition to the policy tenure will determine how much you receive in case of policyholder’s demise.

Term Insurance plan with normal tenure

The tenure of the policy depends on the type of plan you opt for. However, you can consider your present financial condition and your age while selecting the policy term. You can opt for policies with a minimum term of 10 years as well. In case the policyholder passes away during the tenure, the death benefits are paid. However, if the policy matures, no benefits are paid out. The term insurance policy can be availed with a lower premium and comes with a fixed tenure.

Policies with extra-long tenure of maturity

Insurance policies with a longer tenure of maturity provide coverage for a longer duration, thus allowing you to live a tension free life. The family members of the policyholder will receive benefits in case of unfortunate death. If the policy matures, maturity benefits are provided to the policyholder. With a longer tenure of maturity, you can remain rest assured that your children will gain an amount at the end of the holding period.

Thus, both the policies provide a cover to the policyholder but differ in terms of the tenure of the policy.

What to choose?

If you have just started earning and are in your 20s or 30s, you should choose normal policy tenure. The plan will offer decent protection with the minimum premium amount. Further, if you are married and have a family, you should pick a policy with an extra-long tenure of maturity. It will help protect your dependents with high monetary value and will provide a cover throughout your life. If you are above 40 and want to leave a legacy for your children, the extra-long tenure in the policy will help you. You can be confident that the coming generations are left with a good inheritance after you pass away.


While buying the policy for leaving a legacy for your future generations, consider your financial position and the expectations you have from the policy. If you want to ensure that your children enjoy a safe and stress-free future, opt for a longer tenure policy so that they can also avail the benefit of maturity proceedings at the end of the period.

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