subject: Term Insurance Policy – The flexibility and choices abound [print this page] Term Insurance Policy The flexibility and choices abound
The global recession taught us to avoid risky investment fads, that balloon up with hype and speculation before falling apart, since there is little else sustaining it. It also brought home the importance of risk management and dangers of the 'EMI culture'. Saving became cool again. But for the younger professional, this sobriety must be long lasting and effective, simply because of the many more upheavals they are sure to face in their professional lives.
Though most insurance policy ads have ageing male leads, recounting the security their life insurance policies provide them, they are as relevant for the younger lot too. What most of these commercials fail to convey is that while Papa is old, secure and happy now, he only got this way by planning his investments a lot earlier. Sure, the money saved on the premiums might afford you a more lavish holiday, but a lifetime of peace of mind? Contrary to what Master Card might want you to believe, money can buy you that.
They come in the form of Term Insurance Plans; built to accomodate the most miserly and laziest of insurance seekers, with enough room for a more thorough approach, should you choose it. This is the bread-and-butter product of most insurance companies, with more variants than there are gelato flavours. You can pretty much walk in to most insurance offices and design your own policy contract. For a long time, customers could only choose from standard policies, that strictly kept the benefits of Short Term Insurance and Life Insurance Plans separate. Now even that wall has come down.
A lot of these Term Insurance Plans can be bought with index linked benefits too, which could reduce your payments over time. This makes it incredibly sastha; with fewer premium payments to bother about. Sundar it is too, with your face value cover remaining the same, invulnerable, over your investment term.
The biggest benefit of going for a Term Insurance Policy at the outset of your career are the favourable terms you're likely to get. Most young professionals go in for an annual renewal of their insurance contracts. This becomes a better deal each year; you could choose to increase your face value cover for the existing premium payment structure. So, your face value cover can be pretty huge after a length of time, giving you something really tikao to rely on.
Here's an investment tool to change your mindset, for you can only go out and enjoy life once your basic worries have been taken care of. While it is always going to be a rush being impulsive, once you've given yourself a cover and hedged your bets, it wont be followed with guilt.
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