When buying a term insurance policy, you aim to secure the future of your wife and children in your absence. You want that the claim amount reaches them quickly and without any hassles. However, if there are any outstanding loans to any creditors or relatives or friends, the creditors would have a prior claim to the money before your beneficial nominees (spouse and children). Thus, simply buying a term insurance policy alone will not inevitably ensure that your beneficial nominees can get the sum assured after your demise.
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