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Life insurance 'a must for those with irregular incomes'
September 07, 2010
People who do not have a set salary should put money into a life insurance policy at points when they do have access to cash.
People with uncertain income streams should invest in products such as life insurance at points when they have plenty of money, it has been suggested.
According to an article in the Business Standard, freelancers and people whose work depends on the seasons - such as wedding photographers - need to set aside some cash when they are doing well financially.
In addition to medical cover, a life insurance policy may be a good idea to protect family members and dependents should the worst happen.
"Opt for pure term plans. A one-time premium option can be a good idea when you have enough cash," it was suggested.
Earlier this week, Debbie Cecil, director of life products for employee benefits provider Unum, said term life insurance would be a suitable option for young professionals.
She said this form of cover is both "adequate and affordable" for such people, especially as rates will be cheaper when people are young.
Published by Sue Clarkson
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