MONEY NEWS ONLINE
Curated news items for a quick read
YOUR AGE-ING PARENTS, THEIR INVESTMENTS & HEALTH INSURANCE
Your ageing parents and their investments
Setting up your kids for success, and your parents for financial security can ensure peace and financial wellness for you.
Check if your parents are insured for healthcare, or if they have a kitty sufficient to manage medical expenses. Check if they are not getting ensnared in shady schemes. Check if they are making the right asset allocation.
PMC Bank depositors to weigh legal options
Senior citizens are badly affected by the decision on PMC Bank depositors, having been reduced to a hand-to-mouth existence, despite having money to lead a comfortable life.
While deposits upto Rs. 5 lakhs will be paid with the help of Deposit Insurance Credit Guarantee Corporation, deposits above the limit will not receive any interest for the next 5 years.
Do you guide your parents when they invest their life’s savings? Offer a helping hand.
Where does one start with in insurance?
Risk management does not appear to occupy a high mindshare in youth.
Where does one start with? Health insurance, followed by a term plan for life insurance and then move on to others? Everybody seems to have a personal accident cover, as it is sold with different cards and product bundles offered by banks.
Is anybody evaluating the actual risk?
Why is Star Health Insurance a downer in the IPO market?
Today is the last day of the Star Health Insurance IPO, and reports say that it is subscribed 89%. What does the failure signify?
Are funds drying up in the market? Does the competition weigh heavily against Star Health Insurance? Are investors saving up funds for the LIC IPO?
Tega Industries, a company supplying mining equipment was fully subscribed within an hour, but Star Health fails to reach the mark on the last day.
4 MISTAKES YOUTH MAKE IN FINANCIAL PLANNING
5 mistakes made while investing in mutual funds
Ads which say mutual fund investments can start with a minimum of Rs.500/-, and springing up of micro-investment apps and other investing apps have inspired many to start investing in mutual funds early. It is by itself a good development, only if the funds and tenor are chosen carefully.
The problem starts when the young put in money without understanding how a product works.
Mistakes made while choosing an insurance plan
Mis-selling is rampant in the insurance industry. Insurance is bought and sold on basis of your relationship with the seller, rather than needs in line with a financial plan.
Read up on the subject, consult a fee-only financial planner and do your own research before you buy an insurance plan.
What is it that you focus on – premium amount, insurance cover or the total period? Is it relevant to your present age?
Does your salary last through the month?
Lower income groups find it difficult to sustain themselves or save money, given that fixed costs comprise a major portion of the budget.
However, the habit to keep spending till the balance in your account is just enough to cover minimum balance requirements persists in many young employees.
Budgeting is a tool, and investment is a habit which the young should learn from the day they start earning.
How to get out of a debt trap
Credit cards and Buy Now Pay Later schemes are common. Online availability of loans increase temptations to spend. Who doesn’t want to good life in the spring years?
At times, one has entered a debt trap and gets mired in it deeper by availing more credit.
PERSONAL FINANCE DEVELOPMENTS LAST FORTNIGHT
How to convert cryptocurrency to cash
Cryptocurrency may look like a great asset class with the kind of profits it has delivered in the last one year.
Cryptocurrency is also a currency to facilitate sales and purchase. But how does one do that?
Cryptocurrency debit cards are the latest product offering which are accepted as a mode of payment on some sites, and can be used for spending.
However, each purchase is treated as a sale of cryptocurrency with its conversion to cash, and is liable to income tax.
Is app gamification bad for customers?
Nudges are small tooltips, coach marks, spotlights or attention grabbing banners, which guide users to certain actions on a website or app. Investing apps have been using it extensively.
While nudges do help in shaping money behaviour by inducing people to save or invest, those might take you in directions profitable to the site, but not good for your financial health.
One Nation, One Ombudsman System
The Banking Ombudsman as a part of grievance redressal system in BFSI is not a new concept. The number of such entities in Banking moved from 7 to 22 over a period of time – one for each state. Bank websites and branches display contact details of Banking Ombudsman offices across the country to facilitate grievance redressals.
However, as cyberspace knits us all together into unified spaces, it does not make sense to have 22 entities with different jurisdiction spaces. It does not help a customer banking in different states to figure out where does he lodge his complaint, and that it will not be rejected.
One Nation, One Ombudsman Scheme requires the aggrieved customers to log onto a portal and lodge complaints, or write to a single email id.
Let us see if it has a positive impact on the time taken to resolve complaints.
Raghuram Rajan warns against sudden hike in interest rates
Yes, low interest rates have been a bane for those who prefer to play safe with their investments. Bank interest rates are the lowest perhaps in recent times. Interest rates on small savings schemes are being upheld, but uncertainty looms.
Yet, Raghuram Rajan says a sudden hike may scare investors, if money flies back from stock markets to safer avenues. The hike in interest rates worldwide needs to be induced gradually.
GEN Z OVERTAKE MILLENIALS IN THE WORLD OF INVESTING
Young India riding bulls and bourses. Are they trained?
This is interesting information. The dominating age group in stock trading is 18-24, followed by 25-40.
Gen Z is overtaking millenials, Gen X and babyboomers in the field of investments. Investing in stocks or mutual funds through apps and cryptocurrency appear to be popular options.
If you are parent, what are you doing to educate them on fundamentals of the financial system and markets?
Financial regulators need to do a lot more to control digital crime
Digital and financial frauds are all around you. What gets reported in the media is only tip of the iceberg.
We expect the financial regulators to do a lot more. What are you doing as a parent to educate your child about the risk and prevention of fraud.
How does one manage an unexpected inflow of money responsibly?
This ETNow video spells out the path to be taken, if one comes across an unexpected inflow of money.
Your children must watch this.
How to inculcate financial wisdom in your children
They are starting young, and some of them are hugely successful. They are smarter than you, but lack experience.
You do have a lot to teach, share and inculcate by example. Money values are as important as others, as those can decide the future of careers and relationships.
Really care about their future? Write an ethical will.
An ethical will is not to be confused with a legal will. It cannot be written by a lawyer or a financial planner.
You will write it yourself. Write about all your life lessons and the values you will like to pass on to your successors.
GEN Z & FINANCIAL PLANNING
Your children are going to embark on independent voyages in their life soon – whether in India or abroad. They need to understand the value of money and the importance of financial planning and budgeting.
Piggy banks are passe. Children use cards and payment apps, but do not know the perils of reckless online spending.
Budgeting, control on spending, safe practices in financial transactions are things they need to learn. They need to understand the financial system and the Money Cycle.
Independence, the joy of giving and sharing are values you will impart to them as a lifelong treasure.
The curated news articles this week elucidate the points raised here.
On this Diwali, gift them a course on Financial Literacy.
Mail us on firstname.lastname@example.org, or Whatsapp at 7710008772 for details. The batch starts on 23rd October, 2021.
5 personal finance rules to plan Diwali spending
The festive season is round the corner. Did you plan and save for it? Or do you plan to max out your credit card limits to enjoy the festival after a long hiatus in celebrations.
Does your family co-operate in controlling expenditure, or go berserk on shopping expeditions. Do you ever discuss the matter with them?
Focus more on experience than acquisition.
Stay aligned with your income and savings/investment plans.
Let giving add to the joy of a celebration.
Estate Planning for young adults
Estate Planning and writing a will were considered as topics of interest for the 50+ age group.
The pandemic has proved otherwise. Young adults need to plan the future of their money. Nominations, life insurance and a trust or will all need to be in place.
Risks of leaving a bank account dormant
The recent attempted fraud in HDFC Bank to transfer money out of dormant NRI accounts has shed light on the fact that blocking of accounts inactive for more than 6 months is not a solution.
Scamsters can reactivate accounts with the connivance of bank staff.
A safety measure is also transact in all bank accounts regularly, even if the amount is small.
Gen Z on a quest
The trend of students moving abroad started some time back. What has changed are their reasons for making the choice.
It is no longer about better job opportunities. They cite self-development and inter-cultural exposure as major reasons.
They are choosing niche, short-term courses over the reputation and ranking of universities.
Cost of education and quest for education loans is a major concern for both parents and children.
WOMEN, GOLD AND THE FESTIVE SEASON
Navratri ends tomorrow, and it is time to focus on the Goddess for the long-term. The festive and wedding season ahead will see interest in gold peaking again. Build your investing strategy in line with fund available, asset allocation for long-term goals and ease of buying gold without going to crowded malls
We curate some articles that focus on buying gold and financial planning for women. Share with your partners as financial decisions should always be made jointly.
Financial Planning for Women
Here is a video to help women with financial planning tips.
Confused about buying gold?
Do you find yourself torn between different avenues of investment?
Do you believe in gold, or not believe in gold as a long-term investment option?
Do you love to show off new jewellery, and love the aura that physical gold grants you?
Retail looks forward to a gold buying spree ahead
Long-postponed weddings will soon start happening. People will come out of high-compression zones – move from lounge wear to formal dressing and showing off.
The rising prices of gold and low rates of interest in other instruments have brought the focus back on gold.
E-Swarna by Muthoot Fincorp
Another scheme of buying digital gold starting at Re.1/-.
Create an account, log in, specify the grammes you need to buy and make the payment. Sell as easily.
LISTICLES YOU NEED IN OCTOBER
Changes in the banking and financial system happening from this month
Here is an overview of changes you need to know.
Check how they impact you here.
10 Quick Loan options beyond medical insurance to overcome a health crisis
A medical expenses crisis has caught many of us unaware, as existing health insurance is found to be grossly inadequate.
The idea is not to pull you deeper in a pile of debt, but one should be aware of loan options available.
5 costs you need to add while buying a home
Yes. Home loan rates are attractive, and you may have some extra savings stacked up during the lockdown.
Government sponsored schemes like PM Awaas Yojana dangle attractive carrots, if you are eligible for it.
By all means, take the plunge, but calculate costs correctly.
How to calculate down payment for your home loan?
Tivesh Shah shows you how to calculate down payment on your home loan, and have a sound financial plan.
RISK AND THE RIGHT VEHICLES FOR WEALTH PLANNING
If there is one word which has ruled the last 18-20 months, it is RISK. Health risk, financial risk, job loss risk, stock market risk and how to avert these have occupied our lives. It has been a challenge to maintain relationships without face-to-face, offline meetings. And yet, long-distance relationships between people in the same city or building have never been more acceptable than now.
Averting risk involves planning and identifying the right vehicle for a plan of any kind. Mediums and methodologies have changed.
We focus today on risk profiles, risk management and wealth planning. Read on …
Risk profiling is the first step to financial planning
How will you determine the future of your money?
Estate planning and writing a will are important parts of a wealth plan. It determines the future of your money and your loved ones.
Wealth Management for HNIs
The definition of HNIs has been changing fast, so are the options for wealth management.
Business and personal assets need to be separated. Private trusts, LLPs, private limited companies are all different methods of reaching the same goal. A customised wealth management plan can be chosen.
Wealth Management in India
Here’s an overview of the wealth management scene in India.
How 5 Paisa is making investment journey easier
The greatest change in the last decade is financial planning becoming accessible to all, through technology. Gone are the days when financial planners insisted on a minimum CTC of Rs. 15 lakhs or a minimum corpus of Rs. 2 crores to engage.
TOP CRYPTO NEWS (INDIA & CHINA) THIS WEEK
How investors should react to China’s ban on all cryptocurrency activity
Watch the CNBC video on the subject here.
China has created a stir by banning crypto operations
China has been a bit of crypto mining activity due to availability of low cost power, which is the major cost component in mining activity.
They created a huge stir today by banning all mining activity.
Ex-RBI Governor spells out RBIs concerns on cryptocurrency
The office-bearers have been tight-lipped and fuelled rumours and controversies on India’s stand on cryptocurrency.
Ex-Governor Subbarao spells out the concerns in detail to throw light on a hitherto dark area.
immortalised in Budapest
Nobody knows who is Satoshi Nakomoto – if it is a single person or team. But the entity has been immortalised.
Anything that is seen as revolutionary is worshipped.
Indians continue to buy cryptocurrency despite the uncertainties looming ahead
Indians are using P2P transfers, spot trading and other methods to buy cryptocurrency, after the ban by State Bank of India on crypto bourses. Options from other banks are available.
Cryptocurrency Hyper Fund under RBI scanner
Hyper Fund was launched in mid-2020 to provide a decentralised financial infrastructure.
However, MLM and ponzi schemes launched by the entity to lure investors have attracted negative attention from the banking regulator.
What lies ahead for cryptocurrency in India?
The indicators from the government and RBI are not encouraging, despite the strong lobbying by crypto-enthusiasts and other stakeholders.
Anything we discuss just amounts to speculation till the Cryptocurrency Bill is tabled in Parliament in the winter session.
Investing in Bitcoins in India
Bitcoin is becoming synonymous with cryptocurrency, being the first in its category. Indian remain enthusiastic about investing in bitcoin.
PERSONAL FINANCE NEWS UPDATES – 15th Sep’21
Are returns on a mutual fund linked to total AUM of the fund?
I frequently come across this question on Quora and Facebook groups? Which mutual fund scheme is “BEST” for investing a spare amount of —?
There is no ‘best scheme’ in investments. Investments need to be tied to your financial goals, so it is not a “One Size Fits All” game.
Do you think smaller funds yield high returns in the long run, or the reverse is true?
Are you adequately insured by
The focus on health insurance has been high in the last 18 months.
Check carefully what are you insured for by your employer, and is the coverage adequate for emergencies? You need a smaller emergency fund, if health insurance is adequate.
Financial Literacy at a young age
RBI and educational institutions have jumped into the game of financial literacy for kids.
MONEY NEWS THIS WEEK – 11th Sep’21
Can you buy digital gold and exchange it for jewellery later?
The gold deposit scheme did not do very well in India, as Indians are emotionally attached to jewellery. The scheme returns your gold in the form of coins and bars. The scheme was created to bring gold stacked up in households in circulation in the economy.
What if you can buy digital gold and convert it to jewellery later?
How can account aggregators ease your life?
What are Market-Linked Debentures?
This is presented as a product for high net worth individuals, with a high risk appetite.
10 cryptocurrencies to buy in September, 2021
The platform does not recommend an cryptocurrency till the governmental stance is not clear.
But for those interested, here is an article.
Financial mistakes doctors should avoid
We’ve looked up at the medical fraternity to allay our fears, and save our lives for the last 18 months or more.
What about the risk that the doctors face? All of us who have a doctor in the family or friend circle know what the family goes through.
I hope they have consulted the best financial planners to adopt the right path, and avoid making mistakes.
NEWS THIS WEEK 4/9/2021
Account Aggregator System Goes Live. What is it?
Will all cryptocurrencies finally crash?
Indian crypto-investors and potential investors swing between hope and disappointment in news reports. The latest news item said government may approve cryptocurrency as an asset class, but it is not clear how they define cryptocurrency.
The bombshell comes from the seer who predicted the 2008 crash. He says ‘cryptocurrency is a limited supply of nothing’, and will eventually crash.
A new platform to share user data
Data is the new oil. Data becomes precious when it is about financial behaviour.
Yes, we have had credit scoring agencies for individuals like CIBIL, Equifax, Highmark and Experian.
RBI has approved a new platform to host user data, which may include data from telecoms in future, other than financial institutions. The beneficiaries of this data would be fintech platforms, banks, microfinance institutions and startups.
Difference between budgeting and financial planning
Both the terms sound scary, if one is not money savvy or if one sees money as a flow of income and expenditure.
Engaging a financial planner can yield long-term results over a period of time.
However, a monthly or annual budget is something everyone can do. It is just about spreading available money over different heads of expenditure, and making necessary adjustments to make both ends meet.
Budgeting is a basic life skill which should be taught in schools.
Entry age to National Pension Scheme increased to 70 years from a previous 65
You can enter the National Pension Scheme till the age of 70. The previous entry age was 60 years.
Why millenials should be sensible about debt?
The lure of the credit card, the confidence that one can afford it and lifestyle dreams all pull people a few notches down on the ladder of prosperity.
The issue is we equate prosperity with how much we spend rather than how much we save.
The amount of interest paid in 10 years could compound into a huge sum over 30 years, only if you care enough to save and invest it.
POSITIVE PAY & OTHER DEVELOPMENTS THIS WEEK
Positive Pay made compulsory for cheques above Rs. 5 lakhs
Positive Pay was introduced on 1st Jan’21. Customers are expected to inform the bank if they issue cheques above Rs. 50K, for a second level of protection against frauds.
However, the system remained optional. Some banks were calling customers to confirm details.
In the last week, Axis Bank sent out emails saying that informing the bank for a cheque above Rs. 5 lakhs to be cleared is mandatory. Other banks may soon follow suit.
One needs to be connected with the bank via netbanking or mobile banking. Else, a personal visit to the branch may be necessitated.
Thought: Electronic payments will become the norm, except where a business transaction necessitates a cheque payment.
LIC will revive lapsed policies for a limited period.
This comes as a limited period offer, but might be relevant to many who have missed the premiums last year owing to financial difficulties.
We also know from experience that life insurance is something we cannot give a miss in pandemic times.
Indian rich can become ‘accredited investors’ and enjoy dedicated financial products
The criteria here is an annual income of INR 2 crores and/or a net worth of Rs. 7.5 crores.
They can choose the accreditation scheme, and can choose to withdraw if they want to.
Raghuram Rajan says stablecoins have a future
Rajan is lost about cryptocurrency like Bitcoin.
But he recommends the supporting blockchain technology, and the manner in which it can change the payments system forever if employed by governments as stablecoins.
He foresees newer uses of the technology emerging as we move along.
How I plan to achieve financial independence and move to my native place
This is a reader story shared on freefincal.
This has been the story of many people ‘working from hometown’ or wanting to do so permanently.
The step-by-step approach is commendable and can be a guidepost to many on the same path.
STOCK MARKET INVESTING IN PANDEMIC TIMES
CYCLIC NATURE OF STOCK MARKETS
Found some very interesting quotes by Minsky. It gives a backdrop to whatever you will read in the news articles below.
- If the economy is stable, people get optimistic
- When they get optimistic, they increasingly get into more debt
- When they pile on debt, economy becomes unstable.
- If the market never crashes, they are not risky
- If they are not risky, markets become expensive
- When markets get too expensive, they crash.
Unfortunately, markets are ruled more by emotion and perception than balance sheet analysis. Yet, there are very few options which can give the kind of growth sensible investing in the markets does.
Market correction may be deep and sharp
Rajat Sharma labels the market growth as insane. India is growing at 18%, when the U.S. market as 10%.
It may be driven by undue optimism, and a correction may not give investors time to respond.
Will the healthcare segment run high for the next few years?
Abhay Agarwal, growth in the healthcare segment will continue unabated in the next 10-15 years.
Opinions differ, as is reflected in the article above this.
Chasing corporate lenders may be counter-productive
Saurabh Mukherjea advises against sinking your money in banks which lend mainly to corporates, and do not have an ethical management team.
In his opinion, it amounts to burning money despite the hopes pinned on previously reputed banks.
5 lessons for successful investors
The lessons are being repeated, but rarely followed. The key to making money in the stock market lies in inaction, not too much action.
- Invest for the long term
2. Be regular
3. Keep an emergency fund
4. Do not let emotions interfere.
ROLE OF A FINANCIAL ADVISOR
What is a financial advisor?
This video tells you in brief the role of a financial advisor.
Covid nudges Indians to engage
a financial advisor
However much we pine for normalcy to return, Covid19 has transformed our thinking process forever. No longer do we take things for granted.
Many of us have faced unexpected large medical expenses, job loss, salary cuts or a change in the manner families functioned as a unit.
Complexity of wealth
as the size of
Rohit Shah, Founder & CEO, Getting You Rich says he is able to read the body language of a client, when s/he says “Now I can’t manage this. I need help.”
In this piece, Raghavendra Nath, the CEO of Ladder Up Financial Advisory elaborates on his statement of how complexity of wealth management increases with size.
HOW & WHERE ARE INDIANS SAVING MONEY?
Where are Indians saving money?
Provident Fund appears as the topmost preference – even in rich households.
Gen X and Y forced to take care of parents’ finances
The last 18 months have ended up transforming health and money mindsets, out of sheer necessity. Circumstances did what we were procrastinating.
In some cases, sons and daughters have had a hard time sorting out a parent’s finances after their sudden demise.
How much to save for your financial goals?
There are three aspects of saving and investing for financial goals-
- Estimated amount for the goal
- Capacity to save
- Investment vehicles and the returns they provide
There are many thumb rules, but this article gives a step-by-step approach to planning your investments.
E-RUPI & CENTRAL BANK DIGITAL CURRENCY
What is E-rupi?
E-Rupi is a kind of digital voucher. It will be sent to mobile phones as a QR code or SMS-string to recipients of social welfare schemes. It eliminates the middlemen and possible corruption. An additional benefit is that it is spent only for the intended purpose.
Central Bank Digital Currency to counter crypto
Crypto has had its moments of glory, and continues to attract young investors.
However, governments across the world do not want to lose control over money, and are countering it by introducing their own digital currency. CBDC will be an approved currency, not an asset that appreciates or depreciates in value. An additional benefit is reduction in cash management costs.
MISTAKES THAT IMPACT RETIREMENT PLANNING
Top Life Insurance mistakes people make
IMO, the topmost mistake is to combine life insurance with other financial goals, and treat the life cover as a ‘bonus’. Life insurance is an income replacement for the family, in case an untoward incident happens. Let it remain sacrosanct to the extent of the envisaged amount.
Letting lifestyle inflation costs impact retirement planning
Lifestyle costs are increasing at a rate higher than the inflation rate of 6-7%. Most of us are addicted to certain items or activities, or find it socially embarrassing to withdraw from a certain event. It leads to an inordinate increase in lifestyle costs, if we do not rein those in time.
Exiting mutual funds without consulting a financial planner
There are number of factors to be considered before exiting a mutual fund.
- Change of fund manager
- Change in investing strategies or sectors targeted by the MF
- Impact on long-term financial goals
It makes sense not to use a dip in the stock market, or unforeseen needs as the reason to exit a mutual fund investment.
HOW TECH IMPACTS CONSUMER OF FINANCIAL PRODUCTS
How will Central Bank Digital Currency impact financial transactions in the country
Central Bank Digital Currency is being embraced worldwide by the big players, owing to the sovereign sanction that it carries.
Payments and other transactions on this platform cuts through several layers of connectivity, and becomes amazingly fast.
It may not pose a threat to bank deposits, as CBDC is not an interest-earning product. Yet, payment operators have a lot to fear.
You are being targeted
Marketing communication has become increasingly personalised. All because data is the new oil.
AI professionals have been embedded into different verticals of financial institutions to help them understand the business, and then apply algorithms to create a personalised experience for every user of financial products and services.
Do you stand to gain or lose?
Balancing financial inclusion and security for financial inclusion
The entire financial system in India is geared for last mile connectivity in the last seven years. The challenge is to manage security and avert frauds with increased levels of digital transactions.
Tech gets those on the periphery into the whirlpool of connectivity and inter-operability, but also exposes them and many more to being duped by tech-savvy fraudsters.
HEALTH INSURANCE TODAY
Common health insurance mistakes people make
Do you give incorrect information for small benefits?
What are the errors which can lead to non-payment or less payment by insurance companies in times of need?
LIC launches Aarogya Rakshak
LIC launches a new health cover – AAROGYA RAKSHA
While it covers a limited number of diseases, it offers ambulance and health check-up benefits. It offers a lump sum amount irrespective of actual medical expenses.
It is available on individual as well as family floater basis.
Sanaa Health Insurance makes health insurance easier
Sana Health Insurance is a start-up which lists around 150 health insurance policies on its site.
It makes the task of comparison and buying easier.
Deepak Parekh asks IRDAI to allow insurers to sell pension and health policies
Distribution networks play a key role in penetration of markets.
There is no denying the fact that population segments in remote and underprivileged sections need health insurance and pension plans more than ever?
Will IRDAI allow life insurers to sell health insurance?
LET’S TALK ABOUT LOANS
Are you considering a Covid Loan?
Banks are providing personal loans to tide over illness – the kind of emergency expenses people face in pandemic times.
Best interest rates on gold loans
Gold loans remain the quickest way to raise money in times of need. But are you aware of the interest load it brings on your future finance?
Where do you find the best home loans?
Check out the rates of interest offered by banks, for home loans below Rs.30 lakhs.
Are you the guarantor on a loan?
Have you wondered why your credit score is low, despite never having defaulted on a payment?
Did you stand as guarantor on a loan?
IS YOUR FINANCIAL PLAN ON THE RIGHT TRACK
Have you got your financial plan audited?
Yes. There are firms and practitioners specialising in finding the gaps in your financial plan.
Are you investing a part of your money in non-traditional products?
Cryptocurrency showed dreams of unusually high returns in a short time. Many entered the fray to make a quick buck.
However, governmental action in many countries is changing trends.
Can you suffer a loss in bonds?
Bonds remain the most popular product offered to retired people, being considered low-risk.
However yields do fluctuate, and the mechanism is not well-understood by the layperson.
Do you have adequate life insurance?
The pandemic has brought a renewed focus on life insurance. Term plans are more popular than they have ever been before.
At the same time, insurance coupled with investment products is being discouraged.