Buy a term plan and secure your family
Best of all,
Term insurance plans are cost effective and quite popular when compared to other types of life insurances.
Term insurance plans cover the insured for a specified period of time i.e. term, during this time frame if the insured passes away their nominees would receive the death benefit in form of a lump sum amount. However, if the policyholder survives the policy tenure then the plan would not provide any benefits to the nominees or the policyholder.
Now we’ll be discussing 8 reasons why you must buy term insurance –
Being the simplest and purest form of insurance, term plans are quite affordable. The plans have a lesser premium when compared to other types of life insurances, which does not add a huge burden on the buyer’s pocket.
Term plans are highly flexible making them a must buy plan for your family. You can choose out of multiple options available online as well as offline. Also, majority of the insurance providers online do not lay a great emphasis on health checkup making it easier and convenient to opt for a term plan.
Apart from the sum assured over the basic term plan, multiple insurance providers enhance the overall value of your plan by providing additional benefits. When one buys a term plan it offers additional financial cover over and above the basic sum assured, this additional benefit is termed as rider. A term plan offers several types of riders like critical illness, accidental cover etc. opting for which you can boost the basic policy coverage.
In case of untimely demise of the sole earner, financial responsibilities need to be borne by the family. In order to bear the day-to-day or future unavoidable expenses, it is always recommended that one should invest in a term plan that would take care of the financial needs of the insured’s family.
Term insurance plans provide a higher cover amount when compared to other types of life insurance plans. Affordable premium and high cover amounts turn out to be another reason why one must buy a term insurance plan.
Usually claim rejection rate is low if the policy is continuously active for 10 years or more. However, a complete disclosure is needed regarding the health, lifestyle habits, income etc. to ensure any claim raised by the beneficiary of the policyholder doesn’t get rejected.
The term insurance premium depends on your age and the tenure of the policy. If you buy a policy early in your age, the premium will be comparatively lower.
With internet booming day by day every insurance provider makes its products available online. With this buying term insurance is completely an easy victory. You can compare plans and buy accordingly to your needs.
Considering the various benefits and advantages mentioned in the article, it’s quite clear why one should opt for a term insurance plan. We all know that life is extremely unpredictable and uncertain so it is definitely a wise decision to invest in a term insurance plan.