Buy a term plan and secure your family
Pure risk refers to risk which is most likely to result in loss such as death. A pure risk protection plan offers protection against any such events. Term insurance plans provide coverage for a specified period called ‘term’. Term insurance plans provide monetary protection to the deceased’s family. If the insured passes away within the term of the policy, the nominees are entitled to receive a death benefit, however, if the policyholder manages to survive the policy period, no policy benefits will be offered. Due to the given fact, term insurance plans are often referred to as pure risk protection.
Another reason contributing to the overall credibility of term insurance plans is their cost. Within the entire range of insurance products, term insurance plans are the cheapest of all.
Pure risk protection can be a risk itself because you can never be sure when are you going to die. So, include this plan in your financial portfolio and keep the safety of your family intact.
Term Insurance plans are plans with pure risk coverage this means that the plan will provide coverage in case of any unfortunate event i.e. death. Term insurance plans do not offer any sort of maturity benefit.
Term insurance plans have a very low premium making them quite affordable for everybody. The annual premium for a considerable cover amount is often the same as the money you spend on Netflix annually.
Term insurance plans are the most basic form of life insurance and therefore very easy to understand and manage. There is no involvement of savings or investments, which even makes it simpler than other types of insurance plans.
Term insurance plans come with additional riders that typically include hospital cash, waiver of premium, critical illness, accidental death benefit, and permanent or total disability rider. Over and above the basic plan, these additional riders enhance the basic policy coverage.
Safeguarding your family and loved ones against phases of financial hardships can be achieved with a term insurance plan. These plans are the simplest and least expensive ways by which you can ensure that your loved ones do not struggle for anything they need in your absence.
The term insurance plan protects your family from inheriting your debts. Short & long term liabilities might include day to day expenses, loan repayments, expenses for education and marriage of your children with the right term insurance plan you don’t need to worry about your family’s needs after you pass away.
In a Nutshell
The purpose of term insurance is not making any profit against the money that you’ve invested as premium but to protect you and your family from unexpected risks that can affect your financial portfolio. Term insurance plans are must buy if you are the sole breadwinner of the family to ensure that your family gets everything they need after you’re not around to look after them. Term insurance plans are simple, easy to afford plans that provide pure risk protection.
Term insurance plans are really good options to consider if you are on a budget but still want a large financial cover for your family to protect them against risks.