The importance of insurance cannot be
undermined. Insurance today is not only a choice to make. It’s a necessity. It
offers the best protection against several elements that may cause you or your
family to suffer.
Right from life insurance, endowment
policies, medical insurance, term
policy, and more, we have a wide range of products available in the
market to help us secure our interests.
With a fast growing insurance sector,
we have several products offered by insurance companies to help meet our needs.
We can efficiently have our policies custom-planned.
There are insurance policies where
you are provided with coverage for the set tenure and also includes an
investment component (ex. ULIPs). All you have to do is consider your present
and future lifestyle and requirements that may arise in the long term and make
plans that should include not only savings, investments but also quality
insurance for you and your family.
What is a term life insurance? A type
of life insurance, term insurance is the coverage that can be availed for a
pre-decided tenure. Such policy has pros and cons of it own. However, it is one
of the most sought after life insurances for a range of factors. Some of them
are:
1. Term insurance is one of
the most affordable types of insurances. This is what makes it popular among
masses.
2. The EMI is cheap thanks
to its affordability. This puts less pressure on the income unlike whole life
insurance which is expensive.
3. You can also have your
term insurance converted into whole insurance or endowment policy. This is the
flexibility other insurance types may not grant.
4. It provides death benefit
to the beneficiaries in the event that the insured dies - you may choose a lump
sum or monthly payouts. This ensures the
financial needs of the family are cared for.
5. The lump sum can be used
to pay off loans or debts as well.
One low point may be that if the term
gets completed, there is no payout if the insured is well and hearty. You can
either choose to continue the plan and extend the term or get done with the
policy.
There are many insurance companies
that may provide you with quality term insurance. With some of them, you can
have your plan customized. Start with comparing policies offered by companies
that you trust. Such sites are easily available on the internet. The minimum
entry age to avail term
insurance is mostly 18 years and the maximum is anything between 55-60
years. Tenure range is between 5 to 25 years offered by different insurance
companies.
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