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Life is full of risks. You are at Risk when traveling, when working on heavy duty machines, driving a car, walking on the street and even at home. If you are the only breadwinner in your family with young school bound kids, the burden of managing your family by your spouse is most unthinkable without you. Insurance is the answer for people like you.
There are umpteen numbers of insurance policies that you can buy, but when it comes to providing maximum Coverage at minimum price, term life insurance scores high. Typically Term insurance costs lesser than other plan types in which you receive an amount after you outlive the period for which the plan was taken. Term Insurance is a plain simple type of insurance – you pay a Premium spread over a period and you get cover for that period. At the end of the stipulated period the insurance company is under no obligation to pay you anything. But the advantage under term plan is your Beneficiary gets a bigger sum than in other plans.
Since term plans do not give you any returns during your life time, it should be treated as plain cover and nothing more than that. Though everything may seem simple, there are some intricacies to it when you have to select the right term insurance.
Here are some points that you need to keep in mind while choosing one or the other plan. Involve all beneficiaries when you talk to the insurance company.
The age at which you seek a term insurance is critical. If you are 50+ then the premium you are supposed to pay will be high, because insurance companies consider them as high risk individuals. If you are under 40 years of age, the premium will be far lesser, but you will tend to think it is too early to buy insurance. So, you must strike a balance between the two to choose the right time to seek cover.
When you buy term type insurance, buy it for longer periods – ideally it should provide cover until you reach 65 years, by the time someone in your family will be able to take over your responsibilities of maintaining your family. The point to consider here is your children’s age. If you expect them to reach Maturity and start to earn by the time you are 65, then you need not insure beyond this age.
You should also look at the Claim settlement history of the company that is providing cover to you. If they have a good track record of timely settlement it is a point in their favor. Compare several premium rates, but don’t depend on that premium rates alone.