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Insurance is a must for everyone these days because of the uncertainties that surround us. If you are the sole breadwinner in your family, it becomes doubly important to buy an insurance policy. Insurance policies come in many different forms and Term Insurance is one of it. Typically, Term Insurance has no Surrender Value which means that what you pay in the form of a Premium is fully utilized for life Risk coverage. They should not be confused with insurance plans that are linked to savings.
The benefits of term insurance are – they cost far less compared to a savings linked insurance plan, they can be bought for long periods and the Coverage amount is large. They provide a substantially larger compensation in the event than for the same premium in a savings linked plan.
You can buy a cheap term insurance from most of the insurance companies that offer life insurance coverage. Though cheap to buy it gives you excellent coverage in terms of compensation paid to your family in the event of your demise. However, you cannot expect any money to accrue to you during your life time, since term plans are designed as payment to cover life for a specific period and not more than that.
Since the advent of internet, online term insurance has become common and most all insurance companies offer term insurance Policy through the internet itself. The chief factor that guides insurance buyers in buying one of the other policies is premium payable and the period of coverage. As a rule, premium amount goes up and up as you grow older, because insurance companies consider older people as more at risk than younger men and women.
Before you get term insurance for yourself, consider how much you will be paying for the coverage. It depends on your age at the time you buy the policy for coverage and the period for which you want it. Buying term insurance very early during the life of a person, though they cost little for that age, is of little value to the buyer because risks at this age are very low. The ideal age to buy is 40 or more for a period of up to 65 years of age or even beyond. This will cost buyers more money, but they will be assuring real cover to their dependents.
Premium should not be the only factor when you compare term insurance plans from different insurance companies. You will also have to look at the track record of the company in settling the amount to the deceased person’s family. If the insurance company selling term plans has been consistently paying claims in 90% of cases or more where there was a claim, then you should prefer it.