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Term insurance is a life insurance product, which offers financial coverage to the policyholder for a specific ‘term’ or a time period. A term life insurance policy can offer a substantial cover
In case of death of the insured individual during the policy term, the death benefit is paid by the insurer to the nominee. However, in the event that the tenure of the policy comes to an end within the lifetime of the policyholder, then the latter does not get any money back.
Usually, the policy term of term insurance can range over a long period such as ten years or twenty years or thirty years. The premium for a term insurance policy can be paid on a monthly, quarterly, half yearly or yearly basis.
One should know the importance of term insurance key features and why you should opt for it before buying a term policy
The purpose of taking term insurance is to provide life cover to the policyholder and financial security to his family. Therefore, if an individual covered by term insurance passes away, then the dependents of the individual need not compromise on their financial aspirations. The death benefit offered by a term insurance plan can be used for a variety of purposes such as managing living expenses, paying for higher education etc.
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The coverage offered by a term insurance policy can be substantial and the premium for such a cover would be quite affordable. Thus such a product should be at the foundation of one’s financial portfolio as it offers excellent protection
The primary purpose of a term plan is to protect the financial dependents of the policy holder in the case of the latter’s unfortunate demise. The death benefit offered by a term life insurance policy can be substantial and enable financial dependents to manage livelihood related expenses as well as achieve their financial goals. Therefore a term insurance policy would offer tremendous peace of mind to the policyholder as the well-being of the financial dependents would be taken care off even in the former’s absence.
In the absence of the primary income earner, financial dependents might be forced to sell assets to arrange for funds to manage daily expenses. For example: financial dependents may either have to sell the house or investment portfolio to arrange for funds. This could have a negative impact on their long term well being. Instead, the death benefit offered by a term insurance plan can provide substantial funds to manage daily expenses or for any other purpose. Thus assets that can provide tremendous value over the long term need not be liquidated.
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Here are some benefits of purchasing a term insurance policy
Life insurance policies are accessible to the masses since they provide a large cover at relatively low premiums. The earlier in life you purchase term insurance, the lower the premium.
Due to unfortunate circumstance, the policyholder may be incapacitated due to an accident or the diagnosis of a critical illness. This would impact the income earning capability of the policyholder. In such cases, the policyholder’s family may find it difficult to manage expenses. To protect oneself against such scenarios, one can consider augmenting the term insurance plan with multiple add-ons or riders. Examples of some of these add-ons include critical illness coverage, accidental disability rider etc. A critical illness cover would provide a lump sum amount which is equivalent to the death benefit if the policyholder is diagnosed with any of the covered critical illnesses. The accidental disability rider will ensure that the policyholder gets paid a regular monthly income which would be a certain percentage of the sum assured for a specified period.
The death of the breadwinner of the family is not only distressing, but it also brings about financial liabilities. Life insurance ensures that daily expenses do not suffer as a result of the insurer’s death. The pay-out resulting from the insurance policy can be received in the form of a lump sum or in the form of instalments to enable the family to cope with their living expenses.
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