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 to you.
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.