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Kalyani Narayanan, CEO and Principal Officer says
1.For how long would your family be dependent on your income? Let us assume that your spouse is also gainfully employed and that you have two children, ages, 12 and 8. For the younger one to graduate from college (say, after completing Masters) or get married or have a successful business for him/her and become financially independent, it would take another 15 years, at least.
In the above case, the first child should become financially independent in about 11 – 12 years, and the second child would be financially independent in another 15 years. Your spouse is probably already financially independent to take care of him/herself.
In the above scenario, you should have life insurance, at least for another 15 years, that is till your younger child becomes financially independent.
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