If your children and others are financially dependent upon you, there really is
no alternative to buying a tern insurance plan. Term plan is a pure form of life
insurance that protects your life and offers financial aid to your loved ones if
you die within the policy period, or the term of the plan.
Reasons why every parent needs term insurance
Let us glance over the reasons that make term plan an absolute must for all parents:
Inexpensive way to protect your kids
As a parent, nothing is more important to you than fulfilling your children's dreams.
But have you considered what may happen if you die suddenly? To ensure their dreams
are fulfilled smoothly and they don't face any financial hardships on the way, you
need a good term plan. 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 most cases, you are
not even asked to undergo a health check. This makes the process of buying a term
life insurance plan very simple, quick and convenient. So if you have not bought
the cover yet, do it right now. Your children and dependents need it.
High claim settlement ratio
The goal of any insurance plan is to provide a sum assured at the time of a tragedy.
And as a policyholder, you will want to maintain a plan that would pay the death
benefit to your spouse and kids if anything happened to you. You need that peace
of mind and with term insurance, you get just that. 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 nominees will get the sum assured after
your demise. This is a very big advantage of term plans.
Term plan is very flexible too. You can buy additional riders and make the plan
even more suitable to your needs. For example, if you have history of cancer in
your family, you can opt for the critical illness rider. If you do get cancer any
time after that and are forced to stop working or travel abroad for treatment, you
don't have to worry about the financial security of your kids. The term plan will
pay you an additional sum assured which you can use during the time. So the savings
you make in your child's name will remain intact and you also won't have to put
your kids and dependents through any financially challenging time just because of
your own illness.
Long period of cover
The term insurance plans cover your life for long periods of time. You can buy a
term cover for as long as 20 or 30 years in fact till 70-75 of your age. So you
can protect your kids and dependents for a longer time and ensure they have a financial
backup till they comfortably become financially independent adults. You don't have
to worry about the cover ending abruptly and leaving them without any security if
you die unexpectedly. As a parent, this feature of term plan provides a lot of assurance
The bottom line
Term plan is invaluable and it 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 worriless future for your kids is
to ensure they have a financial backup at every stage in life, whether you are physically
present or not. A term insurance plans allows you to offer this assurance to your
kids. So buy a good term plan and gift your beloved kids and dependents a great
and secured future in an extremely economic and convenient manner.