What does the acronym PASTE represent in insurance planning?

The acronym PASTE in insurance planning stands for Product, Assured, Sum, Term, and Extras. This framework helps individuals or financial planners assess different aspects of insurance policies effectively.

• "Product" refers to the specific type of insurance policy being considered, such as life insurance, health insurance, or property insurance. Understanding the product helps determine how well it fits the needs of the individual or entity seeking coverage.

• "Assured" denotes the individual or entity covered by the insurance policy. It is essential to identify who is being protected to tailor the insurance coverage to their specific risks and needs.

• "Sum" relates to the sum insured, which is the total amount that the insurance company agrees to pay in the event of a claim. Knowing the sum is crucial for ensuring that there is adequate coverage for potential losses.

• "Term" indicates the duration of the insurance policy, defining how long the coverage will remain in effect. This aspect is vital for planning purposes, as it impacts both the financial commitment and the protection period.

• "Extras" pertain to any additional benefits or features that may be included in a policy, such as riders for critical illnesses or personal accident cover. These extras can enhance the value of the insurance policy and provide further