Term Insurance Plans

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Myths about Term plan

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Term Insurance plans have become increasingly popular so much so that there are some Term plans that are sold only online. Since many people buying insurance online don’t have knowledge of finance or insurance, they miss out on purchasing the right plan for them. On top of this, one bad experience with insurance may result in the spread of many myths about term plans.

Being aware of these myths leads to right decisions, and discretion in knowing what is right and what is wrong, when you compare term plans.

Myth 1: Not many people actually buy Term insurance

Reality: It is a myth that term policies have become increasingly popular as they are being advertised more, but are not purchased by many. On the contrary, many people prefer term plans, as they have several flexible options in the plan along with lower Premium rates as compared to other insurance options. With increase in demand, supply of term policies has also increased.

Myth 2: Term policies can be bought only when their rates are at the lowest.

Reality: At any given point in time, there are insurance options available which are priced reasonably lower than others. So there is no particular time of the year where prices could be predicted to be low, nor is there any trend in the pricing of term policies. The longer the person waits to buy an insurance plan, the more he may lose out on the age and health advantage. Moreover, there are options where one can switch to one Policy from another, provided all pre requisites for the change are accepted by the insurance company.

Myth 3: Only youth can buy Term policies.

Reality: With the increasing demand of term policies, increased life expectancy and reduction in premium, term policies fulfil the requirement of the elderly without pinching their pocket. While it is definitely an advantage to invest in insurance plans at an early age, it does not mean that one cannot purchase term policies after 45 or 50 years at affordable rates.

Myth 4: It is not easy to buy Term policy

Reality: . Fill in the application accurately, take health tests when needed, and the policy gets issued within a week or two – it’s as simple as that!

Myth 5: Term policy does not give sufficient Coverage amount

Reality: The insurance policy cover totally depends on what you want, based exclusively on your financial goals. Further, additional covers can be taken for Accident and emergency if required. While benefits like Maturity benefit may not be included in the policy, Death Benefit and tax exemption benefits remain part and parcel of the instrument.