Is an accidental insurance plan cheaper than term life insurance plan?

I am 24 years, single and residing in Mysuru.I have just started working and plan to avail a term life insurance plan, but am not sure I require it as I am single. My friend has told me a term life insurance plan is useless for me and I must avail an accidental insurance plan which is much cheaper. I am confused. Please advice?

Asked by : Vishwanath - Mysuru | 323 Views

Life Insurance is meant to protect your family against uncertainties. At a young age, the likelihood of death due to a natural causes seems extremely low. However, it is not improbable. These days even young people do encounter critical illnesses such as heart diseases or stroke.If your parents are dependent on your income thenterm insurance can protect the future of your parents in uncertain circumstances. An accidental death plan will not cover death due to illness. Your parents would get money only if you die in an accident. You get money if you are permanently/temporarily disabled in an accident. You must avail both a term life insurance plan and an accidental insurance plan. If you are temporarily/permanently disabled and cannot work, you can use money got from the accidental insurance plan. Buying term life insurance at a young age has two major advantages: You are charged a low premium, which gets locked for the term of the plan, say, over the next 30 years. As you grow older,chances of contracting lifestyle diseases are high. If you want to buy a policy, after being diagnosed with such an illness, insurers will charge you extra premium to issue insurance. The insurer can also deny you coverage.