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Term life InsuranceJune 9, 2020

Why Term Insurance is required at various stages of Life

As per the current scenario, Term Insurance is none less than an essential tool. This simple form of life insurance gives your family a secured and steady financial future. You can further enhance your term policy by adding various riders which will help you and your family to handle several unforeseen situations like critical illness, accidents, disability amongst others.

Why Term Insurance is required at various stages of Life

There comes a valid question, i.e., “Why Term Life Insurance Plan?”

Keeping the present situation in mind, the best insurance plan is one which gives you coverage from following 3 Ds of life:

Death

Disease

Disability

Death – Term Life Insurance gives the best death benefit in case of your untimely demise. It provides financial independence to your family in the form of insurance coverage amount which they can invest or spend as per their convenience. The sum assured amount that is given to the nominee of the policy is also tax-free under section 10 (10D) of Income Tax Act, 1961.

  • Disease – Term Insurance plan is a flexible life insurance plan wherein you can enhance it by adding various riders. One such rider is critical illness rider that you can add to your base policy with some extra cost. This rider helps you in managing the expense of critical diseases when needed. It is recommended to add critical illness rider if you have any medical history like cancer or heart disease etc.
  • Disability – We generally consider term life insurance policy as a death and tax benefit provider and often overlook it as a protection product. But we cannot steer clear ourselves from the uncertainties of life. Though the primary benefit of a term plan is to give death benefit and to provide your family with financial stability; however, it also has an option to add on disability income rider. This kind of rider helps the policy owner in difficult times with regular monthly income.

Term Life Insurance is essential at every stage of your life, be it your marriage or your family planning. It is the first step towards the secured financial future of your loved ones. 

Let us now have a glance at the importance of Term Life Insurance at the different stages of life:

Beginning of Professional Career: If you have recently started working after completing your studies, then Term Plan should be in your financial planning kitty. Some people think that why is it required in such tender age, but this is the best time to purchase term life insurance policy because at this point you are n your best health condition with minimum liabilities. At this point you can get a term plan up till Rs 1 crore that too on a monthly premium of few hundred and the best part is the premium will not increase with your age, it will remain constant.

  • Marriage: Marriage is yet another most crucial stage in everyone’s life. Soon after marriage, liabilities and responsibilities increase. At this point, Term Life Insurance is something you must buy before it’s too late. This will not hamper your monetary planning and will not be a burden like your car loan or house loan. Term Life Insurance lets you be stress-free from all possible financial troubles.
  • Family Planning: Family planning is one of the happiest stages of life and, becoming a parent gives you the pleasure and satisfaction that nothing can beat. During this stage, you start investing for the betterment of your children to make sure they get the best of the education and lifestyle. Investing in a term plan can make your family’s future even more stable, as it gives assurance that your loved ones will not have to suffer financially in your absence. Term Plan let your children pursue their dreams even when you are not around.
  • Retirement: Planning for your retirement can sometimes be stressful because of health issues and scarcity of financial resources. You should invest in term life insurance to make your retirement peaceful. Furthermore, you can add on various riders like critical illness rider, accidental benefit rider, disability income rider etc. with minimal extra charges on the base plan that will help you to live your life with financial security after retirement.

Life is unexpected and uncertain, and we should always be prepared for the extremes in life. And to tackle tragedies of life, Term Insurance Plan is the need of an hour. If you also want to be stress-free, then you should plan to invest in Term Life Insurance. You can visit BimaKaro.in to get the best quotes on Term Life Insurance and live your life without the fear of financial stability.

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