Why Should you Buy Term Insurance?
Whether you are considered about your family or the safety of your assets in your absence, such thoughts often cross the mind and worry us. However, that shouldn’t bother us in the long run. That’s because of the expansive features that term insurance provides an individual and their families too. What are these features and how can they help you in the long run? These are questions that shall be answered in the following points in brief.
But before we dive into the why, let us first understand what term insurance exactly means.
Term insurance is a type of life insurance that gives financial protection to a nominee in the event of the sudden death of the policyholder during the term of the policy. The highlight of this insurance type is that these policies are known to provide high life cover while paying lower premiums. It also provides the policyholder with the flexibility to choose the payment cycle – a lump sum payment, regular payments throughout the course of the term plan or payments for a fixed period of time.
Why does one need Term Insurance?
The answer to this pertinent questions lies in your core needs. Needs that you cannot compromise on.
Your Family: Apart from emotional support, your family depends on you for financial support too. In your absence, they can use the money from term insurance to manage their daily expenses and fulfil long-term goals like the education of your kid.
Asset Protection: Many of us take loans for our various needs such as a house, car, appliances etc. However, in the absence of the breadwinner, loan repayments can be a burden to the family. With payout secured from a term insurance policy, such repayments can be easier and lessen the financial burden on the family.
Tackling ailments: The benefits of term insurance aren’t just exclusive to the family. It can also prove to be beneficial to a policyholder suffering from a grave illness. With unhealthy lifestyle choices being made, many of us are suffering from various ailments. However, some term insurance plans offer critical illness protection with the feature offering a payout on the diagnosis of critical ailments like cancer, cardiac arrests etc. To know more
So, whether you are a parent looking to secure your kids’ future or a youngster looking to safeguard yourself from the treatment expenses of critical ailments, term insurance plans cover varied needs. Hence, proving to be a beneficial option for many.
There is a lot more to explore and know about term insurance plans. So, keep reading and learning to understand the various benefits of these plans for yourself and your loved ones.