If you have a family to run, and are looking for an insurance coverage, you need to take an insurance policy that provides maximum coverage at minimum expense. The only policy that guarantees you this, and probably more, is a simple term policy.
Why Term Policy Is The Best?
This is the most consumer friendly savings policy. It would cost you very less and so is easy to maintain. Unlike a whole life or universal policy, paying it would never be too hard in case you run into financial difficulties. Depending on the terms, your policy ends, once you stop paying your policy.
A term policy offers you the largest death benefit. The term life plan is structured this way because chances of a premature claim i.e. claim before death is less. So, you can be assured of not leaving your family in the lurch after your death. If this aspect is taken care of, the sole objective of having insurance is met.
With term life insurance you can tailor a plan to fit your needs. As you call the shots, you can set the policy time period and the amount of payment you wish to recieve. So finding a plan to fit your budget is lot easier with this plan. Also, a term policy is the only policy which offers you maximum investment freedom. Much of the appeal of other insurance types is that they offer investment benefits.
When to Buy Term Life Insurance?
Marriage – Before you marry think wherein to tarry, says the proverb. You never know when financial crisis strikes after marriage. A term policy takes care of sudden financial woes after marriage, and protects your household during rainy days. .
Having Kids – If you plan to have kids, you need to plan their future as well. Term life insurance can help you exactly do this at a lower cost and with assured returns. If you are not their around, the money will be good enough to take care of your child’s expenses. It is wise to go for kids after planning their future out.
Buying a Home – Term life insurance can help cover the length of a mortgage. In the event of your unfortunate death, your family will not be burdened with your mortgage debt.
Term policy is the best investment policy by miles. If you do not have one, its time you buy one.