How to Secure Your Family with Term Plan
June 18, 2019
One of your biggest responsibilities in life is to try and fulfil the financial needs of your family. Term insurance is a smart solution to ensure that their financial needs are met even when you are not around anymore. Check out this post to know how term insurance can help you secure your family.
Finances play a crucial role in our lives. While nothing in the world can ever replace your presence, you can at least make sure that your family's financial needs are fulfilled in case of your unfortunate demise. Family term insurance is an excellent solution in this regard. Let us have a look at some ways in which a term insurance plan can help you secure your family.
1. High Insurance Cover
Even though term insurance plans have highly affordable premiums, they offer high insurance cover. The insurance cover is paid to the nominee (family member) in case of your demise. Your family can then use this insurance coverage for managing their expenses, education or marriage of children, and a host of other important goals. It ensures complete peace of mind as you know that at least the financial needs of your family would be adequately met even when you are no more.
2. Safety Against Liabilities
Taking a loan for purchasing a house or a car is now very common throughout the country, especially among young working professionals. In the case of your sudden demise, how will your family manage to repay the loan?
If you have liabilities, a family term life insurance is the best way to offer enhanced protection to your family. The insurance coverage that your family will receive upon your demise can be used for settling such loans too. This will also ensure that your assets remain protected and your family can continue with the same lifestyle.
3. Protection Against Disability
For most of the other types of insurance, your policy remains valid as long as you continue to pay the premiums on time. However, what if you are involved in an accident which results in permanent disability and you are not able to work anymore?
The insurance premium can easily turn into a burden for the family in such cases. However, some of the top insurance providers in the country now offer term plan for family with protection against such disability. In case the policyholder suffers from a permanent and total disability, the insurance company will pay the policy premiums.
4. Critical Illness Coverage
With the rising cost of healthcare in the country, any serious illness such as cancer or heart attack can result in a major financial setback for the family. However, some of the popular term insurance products in the country also offer critical illness coverage just like a family health plan. With this feature, the policyholder can receive a lump sum payment from the insurance provider in case they are diagnosed with one such critical illness. While this critical illness coverage generally comes with an additional premium, it is still one of the best ways to protect your family against high medical expenses.
5. Multiple Payout Options
For enhanced convenience, term insurance policies now come with multiple payout options. Upon your demise, the nominee will get to choose from options such as lump sum, income, increasing income and lump sum plus income. This allows the nominee to select an option that best suits their current and future needs. However, not all the insurance providers offer all the four payout options.
Term Insurance for Financial Security of Your Family
Several reasons make a term insurance an excellent choice for the financial security of your family. With insurance providers now offering many additional features and benefits, term insurance is the most affordable way to secure your family in case of your demise.
Get in touch with a top insurance provider to know more about their term insurance offerings and select a plan that best suits your expectations.
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