5 Reasons Why You Must Have A Term Insurance Cover In Life!

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5 Reasons Why You Must Have A Term Insurance
Cover In Life!
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• 
  The importance of having a life insurance cover
  is being felt across the society. With
  uncertainties rising by the day and every
  familys need for financial stability, the
  awareness that insurance coverage can help
  families deal with the death of a loved one, at
  least financially, is ensuring the growth of life
  insurance industry. More and more insurance
  providers are coming up with different plans
  catering to individual and varying needs. In such
  a complex marketplace it becomes difficult to
  select the right kind of a plan. Therefore, to
  keep things simple, buying a term plan is the
  best advice one can offer!

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• What Is A Term Plan?
• It is the simplest of all life insurance policies
  that offer to provide death benefits in case the
  insured dies during the term of the plan. It is
  the purest of insurance plans that cover life. If
  the insured outlives the term, there are no
  maturity benefits involved.
• Why Is It So Important?
• Term plans are considered to be the ultimate
  plans that need to be part of your insurance
  bouquet. If you really want to live peacefully
  without worrying about your familys financial
  future in your absence, you must buy a term plan.

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• For better understanding, presenting herewith are
  the top 5 reasons why you must buy a term plan,
  now
• 1) Financial Stability
• Death of the bread-winner of the family or one of
  the earning members of the family can turn life
  upside down for the rest of the family members.
  It becomes difficult to meet household expenses
  and take care of the needs of individual family
  members. Term insurance plans offer to pay
  complete sum assured at the time of the death
  without asking any questions. This money can be
  kept in a fixed deposit or can be used to take
  care of routine expenses while the family can
  recover from their loss and plan to replace the
  insureds income.
• 2) Safeguard Future
• Everyone has certain obligations and
  responsibilities towards children, spouse and
  parents. Death can put a full stop towards
  meeting these obligations. But with term
  insurance in place, one can plan their future
  accordingly. For example, the insured can keep in
  mind expenses towards childs education, marriage
  etc. and buy a term plan with the right amount of
  sum assured. In case he passes away, the funds
  from insurance can help his child to get
  education and married without facing financial
  hardships. Similarly, parents old age and
  spouses life can also be planned adequately.

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• 3) Debts
• This is the age of loans and almost everyone has
  some or the other loan on their head. It could be
  a vehicle loan, home loan or a personal loan. The
  proceeds from term insurance plan at the time of
  death can be used to pay off these debts so that
  the family members are not stressed about taking
  care of such liabilities. It makes their life
  easier and little bit stress free.
• 4) Low Premiums, Massive Coverage
• Due to the simplicity of the plan where there is
  no maturity benefits involved, the insurance
  companies are able to offer the customers huge
  sum assured at dirt-cheap premiums. For example,
  you can buy an insurance cover of Rs. 1 crore for
  as little as Rs. 7000/- only! This helps to save
  money while getting adequate financial coverage
  and you can use the saved amount for other
  financial priorities. Also, if you buy these
  plans online, the premiums tend to go even lower
  since there are no agent commissions or
  administrative costs involved!

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• 5) Riders
• Even though term insurance only offers life
  coverage, for customers who want a bit more with
  their insurance coverage are offered additional
  riders for comprehensive life coverage. These
  could involve accidental coverage, critical
  illness coverage and the likes that can be
  availed by paying extra premium. This ensures
  that you get maximum benefits of life insurance
  without paying through your nose!
• Term insurance plans are the best bet when it
  comes to life insurance. The best way to buy them
  is to go online and search through various
  available term insurance plans. You can find
  complete information on a single website and
  after entering the relevant details like your
  age, smoking habits etc., you can sift through
  data and compare various term plans. It is
  important to study the plans in great detail,
  understand their terms and conditions and compare
  various plans based on not only the premium
  amount, but also based on various features and
  benefits. Once youre satisfied with a particular
  plans benefits and overall features, you can buy
  it online with just a few clicks, right from the
  comfort of your home.
• If you want a financial coverage to help your
  family members in your absence, term insurance is
  the right financial tool for you. Make the wise
  decision, now!

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