Term insurance is the most sought after Life Insurance Plan to secure the financial future of your family. One can fall in love with term insurance for the kind of benefits it offers, which include pure risk cover at an affordable price.
Term insurance is convenient for couples seeking a life insurance policy, which may be individual life insurance plans or a joint life insurance policy. This article tries to emphasize the importance and the need for term insurance to secure your family.
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Term insurance is a type of life insurance which can be availed for a fixed term, in return for premiums. The term life policy supports your family financially, on death of the policyholder, within the term of the plan. Term Life Plan has no survival benefits.
The main reason why people fall in love with term insurance plans is its pure risk cover (It gives high mortality cover). Listed below are some of the advantages of term insurance plans:
See Also: How Much Term Insurance Should I Buy?
A term insurance plan stands by your family and takes care of financial obligations, on death of the breadwinner. It serves as a financial cushion and takes care of the immediate financial requirements of the family, as well as compensates for the loss of income.
It helps the dependents repay existing loans, as well as takes care of children’s education or medical expenses of old parents. Term insurance helps spouse lead an independent life, without getting into financial difficulty. Term insurance is a valuable investment and a must have, if you have dependents.
See Also: Best Term Insurance Plans In India
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