Term Insurance: Why It's Important for you

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Term Insurance: Why It's Important for you

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Buy online term plan a level cover term assurance plan that secures your family's financial needs by giving you a high sum assured at a low cost. Click to know more – PowerPoint PPT presentation

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Title: Term Insurance: Why It's Important for you


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Term Insurance Why It's Important for you
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  • Term Insurance is a type of insurance which
    provides coverage for a limited period of time at
    a fixed rate of premium. Post expiry of the
    policy, the policy holder either has to forgo the
    coverage or obtain a different policy with
    different terms and conditions which also
    includes a change in the premium. If the policy
    holder dies during the stipulated term, the
    benefit is paid duly to the beneficiary. Term
    life insurance is the cheapest life insurance
    policy available in the market.

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  • Term Insurance is similar to most other types of
    insurance. If the premiums are up to date and the
    policy is current, the claims are satisfied
    against what is insured. Term life Insurance is a
    pure death benefit and hence its primary purpose
    is to cover financial responsibilities for the
    beneficiaries. The responsibilities may include
    college education, consumer debts, dependent
    care, funeral costs and mortgages. Term insurance
    is usually chosen by people who do not have
    substantial savings or by people whose only
    savings are retirement savings and they had to
    wait till their retirement. In such cases, the
    dependents have an immediate cover and are well
    cushioned financially in case of the death of the
    policy holder during the term or before
    retirement. Term cover may act as a buffer to the
    beneficiary till the retirement savings become
    available.

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  • Term insurance comes in two forms - annual
    renewable term and level term insurance. Annual
    renewable term comes with a term period of one
    year and can be renewed within the year by
    producing appropriate proof of insurability. The
    more common and reliable one is the level term
    insurance in which the premium remains the same
    for a number of years which may be 10, 15, 20 or
    30 years. The best term plans would come with a
    low and consistent premium rates and will also
    have a option to renew the plan in case there is
    a need for extendibility.

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  • Term plans can be bought Online Term Insurance
    or through a reliable agent. While an agent
    guides you through the various insurance
    companies and the best plans on sale, buying
    policies online may require a bit of an effort
    and research. Comparing different premiums,
    companies and their reputation in the market,
    their consistency and efficiency during the pay
    out time are some of the aspects to be taken into
    consideration while choosing a plan. Opting for a
    term plan that best suits the client's needs and
    is also in sync with the company's terms and
    conditions may be called as the best term life
    insurance policy.
  • Article Source http//EzineArticles.com/5248771

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