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Term Insurance Plan for Parents

Published On Aug 07, 2021 3:00 AM By Kanika Wadhwa

When we talk about purchasing a term insurance plan, generally people think that it is for someone who is young or middle-aged. It is a common sight observing parents purchasing a term insurance plan to safeguard the future of their children. However, you can always reverse the trend by purchasing a term insurance plan to protect the livelihood of your old parents.

Importance of Buying Term Insurance Plan for Parents

Here are some of the importance of purchasing a term insurance plan for your parents explained below:

  • Helpful in Managing Healthcare Expenses of Parents

    With a gradual increase in the life expectancy rate, it is also important to note that the possibility of acquiring various health related diseases has also risen. Moreover, senior citizens are even more prone to illnesses and several life-threatening viruses. Thus, as a consequence, it leads to a rise in health related expenses. Thus, purchasing a term plan can help your parents in dealing with this uncertainty.
  • Easy to Manage the Liabilities of Your Parents

    It is only certain that your parents might have kept their savings intact to secure their future. However, at the time of dealing with various life objectives, a person can run out of funds because of uncertainty. However, having a term insurance plan particularly for your parents can work as a solid plan in case things go south with the first plan. The amount of sum assured received by a nominee can be helpful in repaying these unpaid debts and liabilities.
  • Parents Would Feel Secure and Independent

    At times, due to an unforeseen event leading to the demise of one parent, the financial burden falls on the shoulder of the grieving and surviving parent. And with no proper source of income to depend upon, it could lead to a very distressing state. Although nothing can take the place of a loved one, a term insurance plan can at least support the surviving parent and can help them in dealing with the financial burden all by themselves.
  • Benefit of Early Buyer

    In case you decide to purchase a term insurance plan for your parents at an early stage in life, you can get various benefits from it. In simpler words, purchasing a term insurance plan at a young age ensures that you are receiving higher coverage at a lower cost. Taking into consideration, inflation and other factors, it is advisable to purchase an insurance plan in the earlier life stage.

At The End

By buying a term insurance plan for your parents, both you as well as your parents can avail various financial benefits in future. Before going for any insurance plan ensure to do proper research online and make a well informed decision depending upon the needs of you as well as your parents. Make proper comparison of term insurance plans and carefully investigate all your options to make a smart decision.

Also Read:  Right Age to Buy Term Insurance Plans

Reasons Why You Should Purchase A Term Insurance Plan With Accidental Death Benefit Rider

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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