New Delhi, Aug. 4 -- Life insurance is often bought during the earning years, when the need is easy to see. A person has a salary, a family depends on that salary, and the policy is meant to protect the family if that income stops. But over time, the financial picture changes. The same person may buy a house, build investments, acquire land, receive bonuses, start a business on the side, or create assets for children. The role of life insurance then becomes wider and more layered.

Moving from only earning income to owning assets does not reduce the need for planning. It changes the questions that must be asked.

Income protection comes first

In the early earning years, life insurance usually answers a basic question: what will replace t...