by bhushan pandey
Published Fri, Jul 21st 2017, 14:12 | Advertising
Consider buying a suitable term plan for family’s financial security
Buying term insurance is all about flexible, hassle-free plans that cover your family’s expenses at affordable premium costs. With term plans, you can ensure financial security to your family, in unforeseen events! With various leading insurance companies offering customized term plan you can fulfill your family’s needs and provide them the protection they truly deserve.
Why should you consider choosing a suitable term insurance cover?
Family’s future: No one wants their family to struggle or adjust in their absence. With flexible term policies, your family’s future will be financially secured, without having to compromise on their living standards.
Your Spouse gets covered: Term plans will cover your partner well. They ensure your spouse meets her daily survival needs well when you’re not around. Thus, it rather acts as a “Term Policy”
Flexibility: Life is a bumpy ride at various stages. These protection plans will provide you with the option to increase your life cover without any medical examination. So, all you need to do is sit back and enjoy a stress life regarding family’s financial future.
Easier on your pocket: With the advent of online services, term plans are extremely affordable on your pocket and they give you maximum financial cover. The high costs will never hinder you and your family’s dreams and expenses.
Tax Benefits: Apart from offering higher cover, you can get tax rebate under section 80C, for your annual premium. Yes, so they are tax saviours too!
While buying term plans you can directly visit the insurance company websites. The process could be as simple as placing an order for your favourite shirt online. You can buy plans at 30 to 40% cheaper rates and it can be done at the comfort of your home or offices except for the medical tests which might be required in certain cases.
Experts opine the best time to buy a term insurance would be when you have financial dependents. Dependents can be your parents, siblings, spouse, children so it’s better to be prepared against unforeseen events well ahead. Also, when you buy term plan early you’re physically fit and hence you get maximum coverage at low costs premium rates. It’s better to select the insurer based on their reputation, market share, claim settlement ratio, etc.
A large part of choosing a life cover is determining how much money your dependents will require. Experts suggest a cover of 10 to 12 times of the annual income will be adequate cover for your family. However, they should note that it’s only a thumb rule, the exact cover amount will depend on factors like your income source, risk ability, family’s financial goals, asset and liabilities in hand, and rising inflation costs.
You should have insurance as long as you’re working and supporting your family. Insurer offer term insurance for fixed tenures of 15, 20, 25, 30, 35 years. You can carefully evaluate the desired one and ensure it matches your needs of retirement phase.
Term Policy is the purest form of insurance cover. It’s widely recommended for first-time insurance buyers. If you choose the right policy, you will take a big step forward as far as your long-term financial planning is concerned.