subject: How Can Term Life Insurance Help You? [print this page] Most people who have bought insurance, or considered buying it have looked at Term Life Insurance as one of their options. Since this is a straightforward simple insurance, where only death benefits are offered, it is sometimes overshadowed by more aggressively marketed insurance packages.
Let us take a look at how Term Life insurance can help you in your financial planning and clarify the various factors involved.
If you are the only bread winner of the family, term life insurance is must. Term life policies offer death benefits; payout is made to the family of policy holder after any mishap during the period of the policy. It helps your family financially in their critical time when you would not be there to look after them. While at first glance, such a policy may not seem attractive, consider the benefits before buying it:
" There are no add-ons so you only pay for a life insurance, which comes in handy for your family in case of an untimely demise. This is the lowest cost at which you can cover life risk.
" If you take coverage for say 20 years from the age of 35 to 55, you are insuring your family finances for your working years where you bear financial responsibilities.
" You get income tax benefits so the real cost of insurance is lower than what you pay.
" It allows you to target insurance for a particular time period during which you need it.
" You can buy it at any age, whenever you wish to insure your loved ones financial future.
" Term life insurance purchase frees you from financial security planning, and you can plan the rest of your finances purely as investment, without having necessarily to opt for an insurance linked product.
Term life insurance is a great way to guarantee peace of mind to you and your family at a low cost of premiums. It is one of the oldest forms of insurance, and many mature and well reviewed products are available in the market. This gives you a lot of choice and you can compare and purchase a suitable policy conveniently.
by: Addy Smith
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