If your children and other family members are financially dependent upon you, then there really is no alternative to buying a term insurance plan. Term plan is a pure form of life
insurance that offers financial aid to your loved ones in your absence.
Reason why every parent needs term insurancee
As mentioned above, term insurance for parents is a must if their children and/or other family members are dependent on their income. Let’s glance over the reasons that make term plan for parents an absolute necessity:
An affordable way to protect your kids’ future
Nothing can be more important for a parent than fulfilling his/her children's dreams. But what will happen if something unfortunate happens? To ensure the dreams of your children fulfill smoothly and they don't have to face any financial hardships in future, a good term plan for parents is an absolute necessity. Term plans are easy to buy as they are relatively inexpensive. You can get a high cover at a low cost. This enables you to protect your child's future in an affordable manner.
Easy to get
Term plan is one of the simplest forms of life insurance to obtain. Term insurance is easily available online. You can instantly buy a plan. In some cases, you are not even asked to undergo a health check. This makes the process of buying a term insurance for parents simple, quick and convenient. So, if you have not bought the cover yet, do it right now. You can’t compromise on your children’s and dependents' needs.
High claim settlement ratio
The goal of any insurance plan is to provide a sum assured if something unfortunate happens to the life insured. And you would want to maintain a plan that would pay the coverage amount (death benefit) to your spouse and kids if anything happens to you. With the term insurance plans, you’ll get this peace of mind. Term plan enjoys a low claim rejection record. So, if you truthfully fill up the application form and pay the premiums on time, in all probability, your nominee will get the sum assured if something happens to you.
Term plans are very flexible. You can buy additional riders and make the plan even more suitable to your needs. For example, if you have a family history of critical diseases like cancer, you can opt for the critical illness rider. If you’re diagnosed with cancer any time after that and have to stop working or travel abroad for treatment, you don't have to worry about the financial security of your kids. The term plan with rider will pay you an additional rider sum assured which you can use during such time. So, the savings that you made in your child's name will remain intact and your kids and dependents will not go through a financial turmoil.
Long period of cover
The term insurance plans cover your life for a long period of time. You can buy a term cover for as long as 20 to 30 years or till the age of 80 years. So, you can protect your kids and dependents for a prolonged time and ensure they have a financial cushion till they become independent. A term plan for parents can hence, provide you a lot of assurance.
The bottom line
Term insurance for parents is invaluable and becomes absolutely irreplaceable if you have young children to support. Life is unpredictable and you never know what lies at the next crossroad. The only way to predict a safe and worry-free future for your kids is by ensuring that they have a financial backup at every stage in life, whether you are physically present with them or not. A term insurance plan allows you to offer this assurance to your kids.
Therefore, buy a good term plan today and give your beloved kids and dependents a secured future in an extremely economic and convenient manner.