Your family deserves the best even when you are not around. People dependent on you need security and protection to carry on with their lives if something unfortunate happens. For the same reason every individual should have a term insurance plan. A term plan is one of the most easily and convenient way of protecting your family under a cover, by paying an affordable amount periodically.
Six Core Facts About Term Insurance That You Should Know About
Term Insurance is affordable and cost effective
Term plan is essentially an insurance and not an investment. With a term plan under your belt you and your family can stay assured of financial security but you don’t get any return from the amount invested. Having said that, it is still the most affordable and low cost coverage you can provide to your loved ones. The only expense in a term plan is the premium you pay every year for a protective cover. It is often called affordable as in some plans you get a high value cover at a very low premium rate too.
Term Insurance provides protection against liabilities
The biggest benefit of a term insurance is that it protects your family in case of a financial liability that may occur, if the bread winner of the family dies and the family is trapped under the burden of loans, liabilities and EMIs. Heavy and long term loans are stressful and worrisome. A term plan targeted for that time span can help shed burden off your family’s shoulder if anything unpleasant happens midway.
Term Insurance is a no survival benefits policy
Term plans are also commonly known as pre risk or pure life policies. A term insurance is a plan where benefit is obtained only if the insurer does not survive. The family and dependents, in that case, get the corpus amount. If the insurer survives, then the policy holder will not get anything. Hence, for this simple reason it is often labelled as no survival benefits or pure-risk policy.
Weigh pros, cons and more for term insurance providers like any other insurance vehicle
The finance market is flooded with uncountable term plan options these days. It is important to choose the right policy for your family. Before you buy a term plan you must look at your needs, requirements, earning structure and number of dependents before deciding on a plan. Also, a few other things to be taken in consideration are the ease and hassle free settlement process offered by the insurer and its financial standing in the market too.
You can buy term Insurance online
The easiest way these days is to acquire a term plan online in just a few clicks. Most of the plans are available on the websites and mobile apps. The process is hassle free and smooth and takes a few minutes to register, after following a few easy and well-guided steps.
Term Insurance for peace of mind
Is it really necessary to buy a term plan? Just knowing that your family and loved ones have a complete financial security to lead a comfortable and respectable life, even when you are not around, is an extremely reassuring factor that helps you lead a stress-free life!!
- 1 Six Core Facts About Term Insurance That You Should Know About
- 1.1 Term Insurance is affordable and cost effective
- 1.2 Term Insurance provides protection against liabilities
- 1.3 Term Insurance is a no survival benefits policy
- 1.4 Weigh pros, cons and more for term insurance providers like any other insurance vehicle
- 1.5 You can buy term Insurance online
- 1.6 Term Insurance for peace of mind