Pros of Having a Term Insurance

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If you consider term life insurance to be a waste of money, then it is time for some serious brainstorming.
  • I think I am not old enough for buying insurance.
  • I will always be there for my family.
  • Insurance is just too complicated for my understanding.
  • I am absolutely hale and hearty! What could happen to me?
  • Health science has advanced big time; I’ll survive much longer.

Do these statements ring a bell? Most of you must have these thoughts in your mind when it comes to term insurance. But, do you think this perception correct?

Believe it or not, I too had the same thinking before I actually got to know the pros of having insurance. After thorough research, I have realized the importance of life insurance in our lives and the benefits it offers.

Now is the time you too realize that anyone can come across a crisis in their life. You must always plan a financial back-up for your near and dear ones like siblings, parents, children, and spouse.

A term plan will make this possible. The amount from the term plan allows your family or dependents to meet their financial objectives, maintain their present lifestyle, and clear off the liabilities in case of your untimely death.

In fact, you can go for different add-ons that are available with term policies for enhancing its applicability. The first and the foremost step for purchasing this policy is knowing its advantages. ‘

Let’s see some of the benefits of term insurance plan.

The simplicity of a Term Life Policy

Having knowledge of a term plan is pretty simple. It is pure life coverage. This means there aren’t any components of investment involved. All you need to do is simply make payment of the premiums against which your insurer covers your life risk for a certain period of time. You can buy the term insurance via an advisor or directly online. 

Options for Death Benefits

While term policy offers a lump sum amount at maturity, you may get plans, which combine the monthly income and the lump sum amounts. You may also get a plan that has the lump sum option with a rising monthly income. This will help your family in managing their regular expenses and also manage the impact of inflation.

Offers High Sum Assured at Low Premiums

Amongst the main benefits of term insurance is the low cost, especially, if you purchase it online. When you buy a policy online, the cost-saving benefit gets transferred to the policy buyer.

Additional Covers on the Policy

Term policies come with additional add-ons, which enhance the benefits of your basic term plan at just a nominal amount of premium. For instance, going for a Waiver of Premium cover allows you to stop making payment of premium in case you are suffering from dismemberment or critical illness. The policy will not become void and the coverage will continue. The cover for accident benefits and critical illness cover are other famous additional covers on your term plan.

The Closing Thought!

With the uncertainties of life, term insurance has become a necessity. It helps in taking care of your dependents or family members after your demise. Term plans have a lot of advantages, some of which are listed in the article.

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