The future is uncertain. But, you can protect your family financially, against risk. This is where a term life plan helps. The insurer pays the death benefit to the nominees, if the policyholder dies within the term of the plan. This plan has no survival benefits.
If the policyholder dies young, there might not be wealth to transfer to the family. If you avail term life insurance, there would be wealth transfer at a young age on an untoward demise.
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Let’s consider an example to understand term insurance. Gaurav is the breadwinner of the family and also takes care of his parents. He saves 50% of his salary each month. His salary is Rs 50,000 a month and he saves around Rs 15,000 a month.
Unfortunately, Gaurav died of a massive heart attack. Who will look after his family? With a term insurance policy, the financial future of your family is secure. If you have not availed term life plan, make sure to do so. They are cheaper compared to endowment life insurance policies. Ideally, your insurance portfolio should have a personalized term policy.
See Also: Best Age to Buy a Term Insurance Plan
See Also: Why Buy Term Insurance for Your Family?
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