What happens if you run out of money? This is a scary thought that often concerns retirees or those who are nearing retirement from their jobs. That the paychecks will stop and savings will gradually extinguish with no additional income is worrying indeed. But here’s a plan that can keep your savings intact while providing a steady source of income — an immediate annuity in life insurance.

Many people have trust issues with investment and insurance products, and adding to that, the investment brokers and the insurance agents. That’s obvious when many policies offer big promises but lesser benefits. Getting a realistic picture of how a life insurance policy or any other scheme will perform over a time period is essential. That’s where illustration in life insurance plays a role. It’s hypothetical, but a detailed projection of the potential performance of your life term policy.

Picture this: You shell out a hefty chunk of premium every year, probably for 25 to 30 years (depending on your policy term), often wondering, "If I survive the policy term, all this money I paid for these many years is lost". Back to reality: Now, you can swap that concern for a smile. Some term insurance plans return every penny you paid if you outlive the policy term. This insurance product is called Term Insurance with Return of Premium (TROP).

Riya and Akshat got married and promised each other a life filled with love, laughter, and abundant happiness. Both were young professionals with dreams of buying a home, starting a family, and building a secure future. They planned everything—from vacations to investments. But at the moment a financial advisor asked if they had a term insurance plan, they paused.

Yet, many young individuals tend to overlook the importance of life insurance in their 20s or early 30s. However, buying a term insurance policy at a young age can be a wise decision that offers long-lasting financial benefits.

Life insurance is a vital part of your financial planning. It works like a safety net for your family, should an unfortunate incident happen. While a standard life insurance policy offers a basic death benefit, you can significantly enhance the extent of coverage with add-ons or riders.