Planning For a Family? Here's Why You Should Buy Term Insurance Now
Updated On Oct 17, 2022
Table of Contents
The unpredictability of life is one of its unpleasant realities. Regardless of how carefully we prepare to lead the life of our desires, an unfortunate event such as a sudden sickness, accident, handicap, or even death might not only affect us personally but also our family.
The sudden death of the family's primary provider will not only have an emotional resonance, but also an economic one that the family members will find challenging to deal with. During these circumstances, purchasing a term insurance policy might be a lifesaver. It offers your family immediate financial safety.
Reasons to Invest in Term Insurance Now
There are several things that can lead to term insurance being an excellent choice to secure your future. Some of the reasons are mentioned ahead.
1. Affordable Premiums
Term insurance is less expensive than other forms of life insurance. For instance, the premium for a 30 year old purchasing a 1 crore term insurance plan for 30 years would be Rs 10,000 each year. Additionally, regardless of your age, the cost for this sort of plan remains the same during the course of the policy. This is one of the most affordable forms of life insurance.
2. High Claim Acceptance
Because the claim rejection rate for this sort of life insurance is so low, there is very little possibility that your claim will be denied unless you have omitted essential information about your health problems and lifestyle choices.
3. Brings About Financial Security
An investment strategy is not a term plan. It is a type of insurance that aids in creating a solid financial foundation for your loved ones even after your passing. If you become disabled or die during the term of the policy, the family member you designate as the nominee will get a lump sum payment that can be utilized to cover their living expenses and, if any loans are outstanding, to pay them off. You can adjust the coverage amount based on the family's changing needs. For instance , if you get married at the age of 30 and plan for a child at the age of 34, then based on your increasing responsibility, you can choose to increase the coverage amount.
4. Highly Adaptable
Depending on your option, you can acquire a term insurance plan offline or online. For coverage amounts under 50 lakhs , you can tailor the plan to meet your changing needs without having to get a health check up. Additionally, you are free to change your nominee
5. Rider Benefit
There are many riders that can be added to a term plan, including the waiving of premiums, permanent disability, critical sickness, accidental death benefit, and others. This can enable you to protect your family.
Endnotes
It should be obvious why you should get a term insurance policy based on the aforementioned factors. However, you must purchase the plan when you are young because the premiums will be lower andwill safeguard your family for a longer period of time. By repaying the premium on a regular basis and being completely honest, you'll ensure that your nominee receives the advantage of a quick claim settlement procedure.
Also Read: Death Benefits in Term Insurance Plan
