Life insurance policy is the need of the hour. The way you plan everything in life including career, marriage, kids, vacations, etc., financial uncertainties arising out of untimely death has to be planned as well. The financial repercussions of the sudden death of the sole earning member of the family have to be taken care of , so that family members are not over-burdened by the emotional and financial loss. Keeping this in mind, you have to buy the best term insurance policy to secure your family.
Before we go further, let’s dive into some details of term insurance:
What Is Term Insurance?
Term Insurance Policy is a pure protection life insurance plan that comes with the least amount of premium and provides maximum coverage. Such policies normally offer you a death benefit but no maturity benefits as it is a pure protection plan covering your death only. This kind of insurance cover provides a lump sum amount to your family members in the case you die within the term of the policy. The best term insurance plan is one that can take care of your financial needs without putting a lot of burden on your pocket. The only thing to consider here is that this is not an investment tool that will give you healthy returns on maturity. If you’re alive at the time of maturity of such a plan, you get no maturity funds. The only receivables are the death benefits to your family members if you happen to die during the term of the policy.
When Should You Buy It?
Ideally, you should buy a plan the moment you start earning as the premiums are lower when you’re young. As you grow old, get married, have children, you can plan on adding the coverage amount of diversifying your portfolio to have policies that take care of your increasing financial needs. There are a lot of insurance companies in the market, but you have to do a thorough research to find the best term linsurance policy plan for your requirements.
How Can You Buy It?
All companies have hired insurance agents/brokers to help you with making a decision. But each agent will suggest you policies that get them to earn maximum commissions or the ones that the insurance companies want to promote. Therefore, the best way is to buy online. Find out about various insurance products, compare term insurance policy plans in India and then select the one that fits your criteria. It is a very easy process as you can have the access to all the information from anywhere in the world at a time of your convenience. All you have to do is enter your basic details on a website, including your age, gender, health updates, etc. and it will generate an approximate premium amount for you. After that, you can read through the terms and conditions of different plans and only once you’re completely satisfied about the policy details, you should buy the best term life insurance plan. Also, buying online is cheaper as selling an insurance policy online is less expensive for the companies as well, owing to lower administrative costs and no middlemen involved.
It is of utmost importance that you safeguard your life against the uncertainties. Apart from having various investments or assets to help your family, you must invest in a term insurance plan. It is the easiest of all options with less investment and more life cover. Compare term insurance policy in India and choose the best one to guard your family’s financial requirements. Not tomorrow, not today, but right now!
Source: http://www.suggestinsurance.com/blogs/guide-to-secure-your-family-with-term-insurance/