Buy a term plan and secure your family
At this point, you may not have too many family responsibilities but they might grow in the future. You may decide to start a family and want to secure their future. It is understood that your living standard will change so are your financial plans. In this scenario, paying higher premiums towards other life insurance plans might burn a hole in your pocket. During such time, you can opt for a term life insurance. An apt term insurance policy will provide financial protection to your loved ones in case of your untimely demise.
Term insurance is a type of life insurance policy that offers coverage for a certain period or a specific term of years. The insurer provides the sum assured to the beneficiary as a death benefit if the insured dies during the tenure of the policy. Most commonly, beneficiaries are the parents, wife, and children, mainly the people who are solely dependent on the insured’s income. Unlike any other life insurance policies, it is less expensive since it does not provide maturity benefits.
As a simplest yet comprehensive form of insurance plan, this type of insurance policy helps the policyholder to financially secure the future of their loved ones in an effective manner. Well, there are plenty of term life insurance plans are available in the UAE. You can choose any of them as per your insurance needs and affordability.
There are plenty of benefits of buying term insurance and some of them are given below:
Nothing is perfect in this world. Just like any other thing is finance, term insurance policy comes with certain limitations. And they are as follows:
Life is uncertain and you can predict everything in life. Some uncertainties can rip you off emotionally as well as financially. For instance, the death of the breadwinner of any family might cause turbulence in his/her family member’s lives.
That is where term insurance plan comes into the picture. Buying a term plan will help you in offering financial protection to your family members in case of your untimely demise. It offers the peace of mind that your loved one’s financial future will be taken care of in any eventuality.
Ideally, you should buy a term life insurance especially if your loved ones are financially dependent on your income. However, the below specified people must purchase a term plan:
The Bottom Line
So, term life insurance is definitely worth buying if you want to secure the future of your loved ones in your absence. It ensures peace of mind by offering the sum assured as a death benefit to the nominee in case of your untimely death. Plus, it is less expensive when compared to other life insurance plans so you can easily afford it.