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If you are seeking Risk protection at an affordable price, you may want to give Term insurance a good look. Paying a low Premium is an attractive offer for life cover. So, what do you need to know before buying a term plan?
It is worthwhile buying a cover which will fulfil the insurer’s family needs when he is no more. Term plan should provide for not just the family’s running expenditure but also provide for major expenditures like marriage of children and liabilities like a car loan, home loan and so on. Your insurance cover should match your family’s needs and requirements.
Before buying a term plan, it is necessary to match the duration of insurance cover with your financial goals, age and retirement needs. If, for instance, you are 30 years old, there is no point choosing a 15 year old term plan, and finding out that your Policy has expired when you are only 45! Risk protection is an important consideration.
Selection of a suitable term plan must also be based on its ability to cover sufficiently as money gets devalued with time. It will be futile if the term plan does not take into account the rate of inflation. Think and make sure you have covered your risks by indexing your insurance to the rate of inflation.
Any decision on Term Insurance cover would be better off with due consideration given towards these factors.