Life is short and unpredictable. You can never really tell what’s in store for you. This is the reason you need to protect yourself and your loved ones from the uncertainty by investing in the best term insurance policy for them.
By investing in a term plan, you help your family prepare for life’s unpredictability and mitigate their risk of sailing through life without you. Having the best term insurance policygives you high cover at low premiums where your dependents will get the sum assured in case something happens to you. Thanks to the growing popularity of term life policy, there are now multiple features that even rewards with a survival benefit if you for loyally paying the premiums through the entire policy term. There are several good reasons why you need a solid term insurance plan; some of them are listed below:
Financial Security for Life
You already know that planning your future is the most important thing you can do to ensure your family’s financial security. By buying the right term life policy at the right time, you know that your dependents will be financially secure, in case you are not around anymore. With the financial support you leave behind, your family will emerge stronger and empowered to deal with the challenge.
If you are a sole breadwinner of your family, then investing in the best term insurance policy for yourself will create a safety net for them to fall back on. A robust term life policy will not only cover you in death but also in disease and disability. Therefore, you need to start planning term insurance if you haven’t done that already!
Tax Saving Benefits
Buying term insurance is not only a life-saving that will keep your family protected in the face of eventualities but also have tax saving benefits of term plan that helps you bring a bigger paycheck home. How many times have you paid a significant chunk of your salary in taxes just because you didn’t make enough investments? With term life policy, you would be able to avoid that tax.
Not many young investors know this, but the premiums paid towards your insurance policies are eligible for tax deductions under section 80C of the Income Tax Act. What’s more? Even the maturity or death benefit is fully exempted from tax under section 10 (10D) of the income tax Act.
Securing Family’s Life Goals
Your family’s needs will increase overtime and with an improvement in lifestyle. So if you took life insurance when you were young, then you would have to increase the cover in consonance with the increasing financial needs. Some life term policies offer insurance to cover that can be linked to various stages in life. As a result, the sum assured automatically increases as you achieve that milestone. Term insurance provides significant financial security at an affordable rate, which makes it a perfect instrument for securing your family’s goals.
Protection Against Health Issues
You can supplement your term life policy with riders that protect you against critical lifestyle diseases. Critical illness rider is an add on the benefit that you can integrate into your policy to expand its cover in case you are diagnosed with a life-threatening disease. Unlike health insurance that only pays for hospitalization, critical illness rider gets activated the moment you are diagnosed with one of the conditions mentioned in your policy document. This money can be used for a variety of purposes, such as paying for your treatment, doctor’s consultation, medication, medical tests, and taking care of day-to-day expenses. This amount will help you cover the loss of pay during your recovery period.
Peace of Mind
As an earning member of the family, you have several duties and responsibilities towards your spouse, children, and parents. A term life policy enables you to fulfil those obligations dutifully. With an insurance policy in your investment plan, you can rest easy knowing that your loved ones will be able to continue living their current lifestyle even in your absence. Your children would still be able to afford a good education, your parents will get the right medical care, and your spouse will be able to manage household expenses as they did before. No one can put a price tag on the peace of mind that having the best term insurance policy brings to your life!
With a sufficient life insurance cover, you can live your life without worrying about what would happen to your dependents if something happens to you.
So if you are convinced about purchasing the best term insurance policy, then it is advisable to compare different plans online before investing. Online term insurance plans from reputable insurers such as Max Life Insurance give you the freedom to evaluate your decision by comparing, reviewing, and selecting the policies that provide optimal benefits at the lowest cost. These plans are readily available online that you can purchase at your convenience.