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Life is a journey full of uncertainties, which is why it’s our responsibility to be as prepared as we can be. One of the best ways for this is to get term life insurance.
Term Insurance is an important tool for securing the future of your family at the most affordable rates. In case of luckless events, it provides coverage for a definite period of time for which you need to pay a specified amount as a premium. You can now get term plan details yourself by using term insurance plan calculators and also buy online term plans easily.
Untold Facts about Term Insurance
Listed below are some lesser-known facts about term insurance that you must know before signing up one for yourself:
- Assured sum can be as high as 20 times your income
While choosing a term life insurance plan, it is important to assess the total sum needed for your family to cover their regular expenses in case you’re not around. Inflation is also a factor to consider while making your decision. Experts often recommend taking a plan that serves seven to ten times of your annual income as a life insurance policy. However, you need to access your premium paying capacity as well. Term insurance plan calculatorproves to be a good tool to reach the right decision.
- Term Insurance is the real-life insurance in the market
Most products in the market, like endowment plans, are investment-based plans. Term insurance is the only pure life protection plan that offers coverage for your life properly and provides financial security to your family’s life.
- All term life insurance plans are not the same
With the growing competition in the world, there’s hardly anything that stays the same. So is the case with term insurance. It’s not typical that the insurer pays you the insured sum only in case of an unfortunate event with the life of the policyholder. You can add riders to your online term plans like critical medical situations, accidental death, and more. You can also go for a return of premium option, convertible life insurance, etc.
- Term insurance provides coverage up to 85 years
A very popular misconception runs around online term plans that you should only buy term insurance plans at a young age, i.e, in your 20s. Most of the policies provide advantages up to 85 years of age so you can take up insurance in your 50s and get the benefit till later on. In such cases, term insurance can be quite expensive, although it still covers any unforeseen risks. In India, as people generally work these days till the age of 60 years and life expectancy here is 66 years, it makes term life insurance a whole life product that gives you cover till the age of 85 years.
- The best way to secure your family’s future
Today, there are plenty of insurance plans out there for every aspect of your life, yet term life insurance stands out to be the best one. It offers a larger amount of funds to support your loved one’s future. The amount is enough for household expenses, education expenses, weddings, medical expenditures, debts, etc. If you’re the sole bread-earner of the family, you can make the smartest choice of taking up term life insurance by paying affordable insurance premiums.
- It’s much easier to buy an online term plan nowadays
Traditionally, there used to be lengthy processes to get life insurance, which required you to visit offices. But now, with technological advancement, things have become much easier. All information from ‘What is Term Insurance’ to ‘How to Pay Insurance Premium Online’ is available online. You can now buy an online term plan from the comfort of your home.
Bottom Line
The best way to keep your loved ones free from financial pressure after you’re not around is to get term life Insurance. It has now become a necessity. Choose your policy, read all terms & conditions, and make the right decision for your family’s future.
