A term insurance plan is a very basic form of life cover. It is a contract between you and the insurance company that covers the risk to your life. In case of an unfortunate event, your nominee will receive the sum assured from the insurance company. Buying a term insurance plan is an important step in your financial planning because it will provide financial security to your loved ones. You can choose a plan that best fits your needs. If you are wondering why buy term life insurance, the below mentioned questions will help make a decision.
Are you a breadwinner for your family?
If your answer is yes, you need to consider buying a term insurance plan. If you are no longer with your family due to an unfortunate event, their financial security will be jeopardized and only a term plan can help them maintain their lifestyle. It is your responsibility to ensure that your family members are taken care of even in your absence. You can opt for a plan that has a monthly income option wherein you receive a lump sum along with monthly payouts for a specific period to help your family manage the daily expenses. Do not leave your family in an uncomfortable situation after your income stops when you are not there to support them.
Are you serving a loan?
If you have an outstanding loan on you, it is essential to have a term plan. Imagine leaving your family with a huge pile of debt. This scenario will not only put your dear ones in trouble but will also make it difficult for them to meet the monthly expenses. A term insurance plan offers flexibility, which means if your loan has an outstanding tenure of 20 years, you can discontinue the policy after the liability has been paid off. You need to have an ideal term plan that continues for a tenure, which is at least equal to the number of years left before your retirement.
Are you looking for a high cover at a low premium?
If you are wondering why term life insurance, consider the cost of the plan. The plan offers high coverage at a low premium amount. You can get a life cover of INR 1 crore for 30 years at a low premium amount. The premium will not be a financial burden for you and it can help safeguard the future of your loved ones at a low cost.
Are you looking for a wider safety net?
Term plans allow you to add riders, which will provide you with additional protection in case of an untoward incident due to an accident and the option to stop paying premiums in case of a critical illness. You can get comprehensive coverage at an additional amount.
Now that you have understood the importance of term insurance, you can buy term life insurance online and enjoy a life cover. The plan will reduce your stress and ensure the security of your loved ones during your absence. Now, you have your answer to the question that is term life insurance worth it. Well, investing in such a plan is true value for money and you must buy one at the earliest.