Term insurance is a pure life insurance product, which provides financial protection to the policyholder. In case of death of the insured during the policy period, the beneficiary receives a death benefit as defined under the chosen term insurance plan. People from all walks of life realize the importance of buying a term insurance plan best suited for their need. Amidst the fast pace of life and rising uncertainties in the form of COVID 19 disease, every family needs financial protection under a term plan to deal with the financial impact of losing a loved one, especially the breadwinner. It also helps the family in paying off the debts, such as car loan and home loan,1. To Secure Your Family’s Future
Being an earning member of your family, you are responsible for the overall well-being of your spouse, parents, and children. Buying term insurance is essential to ensure that you meet the obligations for your loved ones even when you are not around.
2. To Protect Assets
You might have built assets like a home, office, or vehicles through loans. With a term insurance plan by your side, you can ensure that the load of these borrowings will not cause any hardship to your loved ones after you.
3. To Minimize Lifestyle Risks
The unfortunate demise of the breadwinner in a family can turn their life upside down, making it difficult to make ends meet. Term insurance benefits, on the other hand, can make the life of your loved ones easier in such a situation, though financially.
4. To Stay Prepared for Uncertainties
Uncertainties in life can make or mar our lives in unprecedented ways. This can be well understood while witnessing the current global Coronavirus pandemic. What a term plan does best is that it makes us stay prepared for such eventualities. You can opt for a significant life cover at an affordable premium under a term insurance plan.
Who should Buy Term Insurance Plan?
Death, disability, disease, all are realities seldom talked about. However, all three are realities we cannot possibly overcome with certainty. Term insurance is one tool, which can save you and your family from the financial hardships brought upon by these three and similar disastrous conditions. Hence, all individuals who have financial dependents should buy a term insurance policy. They can be:
