Income replacement
Years of support for the people who depend on you.
Complete guide
Life insurance, without the sales pitch.
Understand the job of life cover, size it around real obligations, compare term and savings plans, and make the future claim safe through honest disclosure.
The purpose
Replace an economic life, not just an income
Cover should account for loans, family goals, dependent care and the value of unpaid work - then subtract assets already available.
Debt clearance
Loans should not become the family's burden.
Goal protection
Education, care and long-term commitments stay funded.
The choice
Term versus traditional
| Term insurance | Endowment / savings | |
|---|---|---|
| Primary job | Large protection | Protection plus savings |
| Cover per premium | High | Lower |
| Maturity value | Usually none | Yes, by plan terms |
| Liquidity | Not applicable | Usually low during the term |
The number
Size cover around obligations, then subtract what already exists
- Income needed by dependants through the dependency period
- Home, education and other material debt
- Education, care and other committed goals
- Immediate transition and final expenses
- Economic value of unpaid caregiving
- Less assets already set aside for these needs
The application
Make the future claim safe on day one
Disclose fully
Health, medication, tests, tobacco, alcohol, occupation, travel and existing cover - answer the question asked, accurately.
Take medical tests
Insurer-arranged evidence creates a stronger record than avoiding tests for convenience.
Match income proof
Apply for cover supported by stable, consistent financial records.
Prepare the nominee
Share the policy location and claim contact, then review nomination after marriage, birth, divorce or death.
The plan type
Term, riders and endowment each have a narrow job
| Need | Usually start with | Watch carefully |
|---|---|---|
| Replace family income | Pure term insurance | Adequate cover and correct term |
| Keep cover after disability | Waiver-of-premium rider | Trigger definition |
| Living-expense buffer after illness | CI rider or standalone CI | Severity and survival definitions |
| Guaranteed long-term saving | Endowment / savings plan | Return, surrender value and low cover |
| Wealth creation | Separate suitable investment | Do not mistake insurance illustration for investment return |
Keeping it current
Review after life changes, not every market headline
- Marriage, divorce or a new dependant
- Birth or adoption of a child
- A large new home or business loan
- Material change in income or career risk
- Nominee death or contact-detail change
- Policy assignment to a lender
- A savings plan that is becoming unaffordable - seek advice before surrendering
Claims, handled
A named human owns the process end to end
One person, one number, from the first call to the final settlement. You stay with your family; we carry the paperwork and follow-ups.
- 01
Call your claim expert
One call starts everything - no forms, helpline queue or ticket number.
- 02
We verify the cover
Eligibility, limits, waiting periods and the right claim route, explained plainly.
- 03
We build and submit the file
Forms are pre-filled, documents checked and insurer queries answered.
- 04
Settled, then explained
Every approval and deduction is broken down. We contest what is unsupported.
Questions
Life insurance FAQs
Straight answers, in plain English.
How much term cover should I buy?
Enough to replace income through the family's dependency years, clear major debts and fund committed goals, after subtracting assets already available. Salary multiples are only a rough check.
How long should the policy run?
Through the years people depend on your economic contribution. Covering far beyond that can add cost without solving a real protection need.
Should I buy an endowment plan for returns?
Only after adequate health and term protection, and only if guaranteed discipline and certainty matter more than liquidity and higher expected returns. Calculate the annualised return and surrender values first.
Which riders are worth considering?
Waiver of premium and a well-defined disability or critical-illness benefit can fill real gaps. Accidental-death cover should not substitute for a correctly sized all-cause base plan.
Is MITRA's advice really free?
Yes - consultations and claims support are free for you. Like all insurance intermediaries, we earn a standard commission from insurers when a policy is issued. Our advisors are measured on fit and claim outcomes, not sales targets.
What does claims support include?
A dedicated claim expert prepares and verifies your documents, coordinates with the hospital, insurer or TPA, resolves queries, and explains the final settlement in plain language. It is included for policies bought or ported through MITRA.
Can MITRA guarantee that my claim will be paid?
No intermediary can decide or guarantee a claim outcome. The insurer decides based on policy wording and the facts of the claim. MITRA makes sure your file is complete, follows up, contests unsupported deductions and escalates when valid grounds exist.
Use this guide as a map
Go deeper into each decision
Free · Unbiased · No pressure
Make the numbers personal
A free advisor call to size the cover and explain the trade-offs.
