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Term life insurance mitigates risk. It is the best form of insurance because it gives a very high cover at a very low premium. Everyone should consider opting for Term life insurance if he or she has any dependents or family. The nominee will get the sum Assured in the Policy upon the death of the insurer. It can provide the financial stability required for the family during the distressed period that they are already facing. It can also be used to protect the family against any outstanding loans or any other liability that the Insurer has taken.
Term plan is not an investment option like other life insurance products in the market. If there is a Claim during the term of the policy then you will be given the lump sum amount, otherwise it expires without a payout. The term of the insurance is usually fixed to 10, 15, 20, 25, 30 years.
You can buy low cost or cheap Term Insurance online with a discount of up to 40% when compared to the insurance bought from an agent. This is partly due to the fact that there is no overhead of the operational cost when you buy the insurance online. With a click of the button, you can get the insurance instantly.
Since the Premium is low and is taken to mitigate Risk alone, this type of insurance is suitable for people from all walks of life and in all age groups.
Premium is fixed throughout the term of the policy. So, one should calculate the amount required during the term keeping the Inflation in mind, 20 years down the line with inflation rate at 10% annually on an average, 50 lakhs may not be of the same value. So, do the right math and come up with the sufficient cover as per your future requirement.
You can select the cover term up to 30 years. You will want to have the maximum cover term. Keep in mind that the vulnerable years for an individual starts at around the age of 55+. So instead of taking short term plans, stick to the one that will have high probability of return in case you are not around. Term insurance acts as an income replacement instrument that fulfills the financial responsibilities in your absence for instance spouse or Dependants care, child’s education, mortgages etc. Premiums being low in term insurance policy choose maximum Coverage for your money. The difference in premium will be moderate. Remember if the life cover is inadequate, the purpose of life insurance is defeated.
Customize your term insurance policy by having riders. You can have Waiver of premium or accidental Death Benefit Riders added to give you further safety.
Shop online to get the best discounts. You can compare term insurance for their rates almost instantaneously prior to deciding on the right policy.
Term insurance premium and the benefits received gets tax exemption. So, the Beneficiary will not have to pay tax on the proceeds.
As for any other insurance, start thinking and planning early for term life insurance. Many insurance companies do not offer insurance beyond the age of 60. As you get close to the age of retirement, the premiums climb to unimaginable peaks and become unaffordable.