Welive in a rapidly advanced world, where there are numerous possibilities and infinite uncertainties. Hence, it is essential to be prepared physically, mentally, and financially. Ensuring financial security for your loved ones is equally important. To create a fruitful legacy for your family, you need to make a wise financial decision while simultaneously generating wealth. At unsettling times such as the COVID-19 outbreak which has brought the world to a standstill, a lot of folks end up paying for their medical expenses out of their own pocket. Sometimes, they even end up mortgaging their assets to gain capital.

With a plethora of financial options available from various service providers, investors need to focus on constructing the right financial portfolio that should include life cover for self to protect one’s family and loved ones in case of one’s untimely demise.

Term insurance meaning

Term insurance or term life insurance is life insurance that offers coverage at a predefined and fixed rate of payments for a limited period as decided while purchasing the policy. If the policyholder dies during this tenure, the beneficiaries listed in the documents are paid a death benefit. Life insurance can prove to be one of the most secured options to keep the uncertainties at bay. 

Given the volatility of savings and the uncertainty of life, having a term life insurance plan is like having a protection shield. The claim amount might not serve as a contingency fund but would aid to meet your loved ones’ future family financial requirements. The earnings can also come handy for disbursing debts such as car loan, home loan or education loan, thus, safeguarding one’s assets.

Avoid delaying your buying decision

Your age and term policy are the determining factors for the premium paid towards a life insurance policy. If you buy a term plan early, the premium would be significantly lower. In India, term plans are level paying products, i.e., the annual premium paid towards the policy remains constant throught out the tenure of the policy.

Procure your safety net at a minimal price

You can procure a term insurance plan at a very low premium with payouts tailored according to your needs. You can also opt for a maximum death benefit by paying a minimal premium. It goes without saying, it is pertinent for a breadwinner with financial responsibilities to have the safety net offered by a term plan.

By now, you must have got a reasonable idea as to why it is important to have a life insurance policy during such exhausting circumstances. And for people who are still speculating if they should buy life insurance, the answer to this rhetorical question is yes.One should not await a catastrophe to undertake essential financial security for you and your loved ones. Life is priceless and therefore, it is vital to get as much protection as possible. 

Now you can get online term insurance from the comfort of your home. Buying term insurance online is as easy and secure as online shopping. Go to the insurer’s website and browse for the policies you wish to purchase. Read up and acknowledge the terms and conditions. In case you are stuck, feel free to avail the services of a 24*7 customer support or opt for a live ChatBot.Assess your assets, earnings, investments savings, and liabilities. Recalculate and check if it is adequate. Don’t let anything, even the uncertainties of life, deprive your loved ones of their dreams and happiness. Get a termpolicy today.