Term Insurance is a pure life insurance policy that has financial coverage for a specific tenure. It provides financial protection to the beneficiary of the policy in case of the unfortunate demise of the policyholder during the policy tenure.
Why Do You need a Term Insurance Plan
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.
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.
To Minimize Lifestyle Risks
Present-day lifestyle problems often lead to various ailments and diseases. Some term insurance plans do not just safeguard your dependents and loved ones after the demise of the policyholder but also offer critical illness protection for a lifetime. This key feature pays on the diagnosis of some critical illnesses such as heart attack or cancer..
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.
High Life Cover at Affordable Premiums
Term insurance plans offer significant life cover at a premium you can afford. Also, the earlier you buy a term plan, the lower premium you will need to pay for specific life cover.
Life Long Coverage
You can choose long term insurance cover till the age of 85 (subject to maximum policy term of 50 years) to leave a legacy for your family at a price you can afford.