Myth 6: No Need For A Term Insurance Policy If There Are Other Savings

If you are incredibly wealthy and your loved ones have access to plenty of liquid assets to take care of the family expenses after your death. In this case, you may not need a term insurance policy (although you may still want term insurance policy for tax purposes, in this case). Advice 6:Upon your death, your loved ones may get impacted heavily by the financial burdens of running a family. Then you need a term insurance policy, even if you have other investment portfolios like retirement plans and savings account.