Term Insurance - Can You Afford Not To Have It
Term insurance is the purest form of life insurance that one can invest in
. Since its been around for a long time, it is the most trusted option for investment and securing your family. However, we see many plan their savings without opting for this security. Reason for this could be the policy offers only death benefits, the premiums are too high etc. But the real question is that can you really count on your current savings to be enough for the future of your family, especially when you are not around? Below are some reasons that throw light on why a term insurance is so essentialEnsure family is financially secured even in your absence
A major worry that haunts every bread earner is the financial safety of his family after his death. In case your savings are not enough to help your family cope with their requirements, they would be facing hard times. Term life insurance is crafted to secure your family in such circumstances. As per the functions of the policy, in the unfortunate case of death of the policy holder, the nominee of the policy gets the entire sum assured.
Cover in case of early death
An important reason that you need this cover is to ensure cover in case of untimely death. The money got from the insurance helps the family to cope with daily expenses, manage education for the children, health expenses, marriage of children etc. Term insurance forms a huge support to recover from the tragic loss.
Repayment of loan
It can be really tough for your family to pay off debts in your absence. In such a case, the sum assured offered by the term life insurance can be used to clear any EMI payments like home loan , personal loan etc. Also you can use your policy as a security to avail any loan that needs collateral for clearance.
Systematic investment option
Being the purest form of life insurance, term insurance lets you systematically save for the future of your family. Under this policy, the investment you make purely goes into covering the risk for life. The premium may be a little high, but it remains standard for the entire tenure of the policy. You can get a reduction in the premium if you are a non smoker. Also, online purchase of the policy offers you discounts on the premium payable.
Tax Benefits
Term insurance is not just for the financial security of your loved ones. The policy also offers tax benefits which you can cash in your lifetime.
Surely, the above discussed reasons are convincing enough to nudge you to insure the future of your family. Remember to research the market well before settling on a term insurance provider.
by: ytr Insurance Quotes: A Smarter Way To Get The Cover There Are So Many Liverpool Law Firms Practicing Family Law Trade Show Event Insurance And What It Includes Do Safe Business With Florida Business Insurance Commercial Insurance Quotes: Your Trailblazer For Superior Insurance Plan What To Consider When Purchasing An Angle Grinder Title Services Outsourcing - Allows Abstractors To Process A Title Search And Insurance What You Need To Know About Vision Insurance The Necessity Of Jet Ski Insurance Payment Protection Insurance Uk Insurance Is Meant For Uncertain Times Make The Most Of Golf Insurance Deals And Play The Best Holes In Scotland Without Worrying Some Details About Online Insurance Quotes How Insurance Sector India?