The Need of Term Insurance for a Family

The Need of Term Insurance for a Family

There is no doubt in the fact that family is one’s priority. Hence even in case of uncertainties in life, term insurance assures you of your family’s protection even in your absence.  Term Insurance comes as the most straightforward and organic insurance products which you will find in the insurance market.

These no-frill products are the most basic form of life insurance plan.  They give the advantage of a very high life cover with the least premium amount. It serves the purpose of insurance in the most appropriate way.

How Term Insurance Secures The Future?

People generally have the notion that a term insurance plan online is not quite beneficial because it lacks maturity or it is a waste of money as it doesn’t yield any returns. These are, however, wrong notions and people need to understand that term insurance is an absolute requirement which cannot be overlooked.

Term insurance is the best option to secure the future of your family. It is generally the case that you might think your savings is enough for your family after your death. But this is not the case. In this age of surging prices, you can never be sure that your savings will be sufficient for them. If you are in a double income family, even though it might seem to you that your spouse may be able to cope with the family expenses, in many cases, this is not true. Many of you have loans as well. Now, after your death, have you wondered who would pay them off? The burden might fall on your family. In this case, the loans would be paid off with your investments and emergency funds. So, how then would your family meet its lifestyle? You require funds to secure a future. Have you wondered how the future education of your child would be taken care of? If your savings are not sufficient for them, what other choices would they have?

A term insurance plan is the best solution to all the questions mentioned above. The plan allows you to buy a substantial sum assured by providing low premium rates. You can thus insure your life for an adequate amount. If any unforeseen circumstances lead to your premature death, then the sum assured is paid out to the nominee, which will be of a considerable amount that solves all the financial dilemmas of your family. The plan has benefits which can be used by your family to pay for your child’s higher education, for paying off the loans, for covering the lifestyle expenses, and for providing your spouse with the needed financial support. Term insurance plan thus becomes essential by presenting an all-in-one solution for all your financial needs.

The Real Benefits of Term Insurance

Term insurance proves to be the best option to secure the future of your family by providing a wide range of benefits which take care of all the problems of your family in the unfortunate event of your death. The advantages offered by term insurance are listed below.

  • Financial security

A term insurance plan provides financial protection to your family. You and your loved ones are protected during the crucial times. A term insurance plan will look after your family’s finance issues in the unfortunate event of your death.

  • Larger coverage for lower premiums

The most prominent benefit provided by term insurance is that at lower premium rates, you can avail higher coverage. As compared to other plans, term insurance is thus, quite affordable.

  • Longer coverage

Term insurance has coverage till the age of 80 years. This is an added benefit as it provides extended coverage. In your entire life, you have added responsibilities which need to be taken care of. Term insurance protects the future of your loved ones in case of an unforeseen event.

  • Flexible

Term insurance allows the benefit of increasing your life coverage as you grow old. All the stages of life have different needs. From being newlywed to raising a family, you need to consider different needs at all stages. So term insurance provides a policy that grows with your growing needs.

  • Tax benefits

Here is a note-worthy benefit; under the Section 80C of the Income Tax Act, 1961 you will be exempted from paying tax on your premiums paid on all term policies.

Term Insurance is generally the most inexpensive form of life insurance plan which offers coverage for your family in the unfortunate event of your death. These have a permanent rate throughout the contract period. In addition to this, these do not have any hidden costs attached, and you do not have to go through a waiting period for this policy. It provides the returns exactly when you need it the most without charging any high premium. Term insurance offers you protection for loves ones in the best way possible. It forms an integral part of your financial portfolio and should not be ignored.

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