As opposed to term insurance that keeps you covered for a specific time period, opting for a whole life term plan means that you are covered for your entire life, says Santosh Agarwal.

Did you know that annual premium-paying option is cheaper than a monthly premium paying option?

To determine the amount of coverage one should purchase, first add up all of your financial obligations, such as student loan, credit card debts and your mortgage balance.

'If you are looking to fulfil imminent long-term commitments, the new online Ulips are the right product for you,' notes Santosh Agarwal/Policybazaar.com.

Don't sidestep the idea of investing in term insurance. Here's why.

Add-ons such as critical illness or disability due to accident are available on payment of a little extra money, and they can take care of any unforeseen, unfortunate developments, says Santosh Agarwal