People plan for many things in life like career, marriage, kids, education, vacations etc. But have you ever planned for an uncertainty like your unexpected death? What about your dependents and family when you leave them suddenly? Can they manage and survive in your absence? What about the family’s financial repercussions of your sudden unexpected death?
The best solution for all these questions is buying the best life-insurance policy. It is the best way to secure your family from the financial loss, even though the emotional void cannot be filled. Read through to learn about a few important things before buying one.
What Is Term Insurance?
It is a pure protection life insurance plan that requires least premium amounts while providing maximum coverage. The policy comes only with death benefit but no maturity benefits. It is a protection plan that covers only the death of the insured. Below are more points to learn before buying a term insurance.
- Your family can get a lump sum amount from the insurance company in the case of your death during the agreed term.
- The best policy should give you a maximum cover with little premium amounts.
- It is not an investment tool that gives returns on maturity. Only benefits are death benefit upon your death during the term of the policy.
- If you buy a plan at the moment you begin earnings, premiums would be low.
- As you grow old you can plan to add up coverage to take care of increasing money requirements.
- Do your research to pick the best term life insurance plan from the pool of products available in the market.
- Compare the term policies available in India and choose the best one to cover your family’s money requirements in your absence.
In conclusion, it is very important to cover your life from uncertainties to ensure that your family does not suffer financial repercussions that arise due to your death. Continue building assets and planning various investments for your family but never neglect to make the real investment i.e. the term insurance plan. Get maximum cover from less investment. To get the best advice from expert advisors, approach ArthaYantra and get your holistic financial planning done.