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How Can Term Insurance Help Your Family?

30 Jan 2024

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We are living in a fast-paced and progressive world, where the possibilities are endless and so are the uncertainties. Whenever unfortunate circumstances arise, your family may be left in a devastated state. Especially, if you have dependents who completely rely on your income, your sudden demise would put them in a financial bind.

Therefore, it is essential to be prepared at all times. To protect your family financially and to provide a strong backup for them, it is crucial to make wise financial decisions so they don't have to suffer in your absence. Term life insurance is one of the best ways to secure the financial well-being of your family, especially if they are entirely dependent on you.

How does it help you protect your family? Let's take a look.

Benefits Of Term Insurance For A Family

It acts as an income replacement

Term insurance is pure risk cover. It serves as a financial safety net for your family in the event of your untimely demise. If you are the primary earning member of your family and pass away unexpectedly, term insurance can help cover your loss of income. The term insurance payouts your family will receive in case of your untimely demise can help cover regular expenses like grocery bills, electricity bills, etc.

It helps maintain your family’s lifestyle

You and your family are likely to be accustomed to a certain standard of living. In your absence, a term insurance policy will ensure that your family doesn’t compromise on their standard of living. The term insurance claim amount your family will receive will help your family maintain the same lifestyle after you are not around anymore.

It helps fulfil your child’s dreams and goals

If you have kids, they may have certain dreams and aspirations - they may want to become a doctor or a cricketer when they grow up or go abroad to receive education in a renowned university, etc. If you pass away unexpectedly, they would be left without a source of income to support their dreams. This is when term insurance can come in handy. It can help ensure that your children don’t give up on their dreams in your absence.

It covers loans/liabilities

You may have taken loans such as a home loan to buy a home, an education loan for your child, etc. These loans can become a huge burden for your family if you pass away before settling them. A term insurance policy can protect your family financially in your absence by covering these loans.

Looking To Buy A Term Insurance Plan?

If you are looking for a term insurance plan with multiple features and customization options, you can consider buying any one of these plans sold by us -

ABSLI Life Shield Plan

The ABSLI Life Shield Term Insurance (UIN: 109N109V06) is one of the best family term insurance plans that can help you provide financial security to your family, should something unfortunate happen to you. The plan includes a wide range of features, including the return of premium option at policy maturity, limited pay, increasing cover, decreasing cover, joint life protection, and riders (critical illness rider, accidental death benefit rider, etc.).

ABSLI DigiShield Plan

The ABSLI DigiShield Plan (UIN: 109N108V10) provides your loved ones with financial protection in the event of your unexpected death. This plan offers several features - sum assured reduction option, increasing cover, whole life coverage (covering up to 100 years of age), maturity benefit with a return of premium option, and riders (accelerated critical illness rider, accidental death benefit rider, accidental disability rider, etc.).

Wrapping up!

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FAQs on Family Term Insurance

Can you take term insurance for your family?

Yes, if you have financial dependents who rely on your income for their expenses, you should buy term insurance for them. In the event of your untimely demise during the plan’s tenure, it will secure their financial future.