The Value of Term Insurance for Your Family
Why Term Insurance?
For those who have been wanting to buy health insurance for their family and know that they don’t have any? Here are some reasons that you might want to consider: You don’t want to face the massive medical bills if your family member was to be in an accident.
You don’t want to find yourself having to pay for a medical bill that you could have avoided if you had a health insurance policy. You want to protect your family from financial difficulty if your parents were to pass away unexpectedly.
You want to protect your family from out of pocket medical costs if they need to be hospitalized or have an emergency situation. You want to help your family make your last days and months as comfortable as possible.
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How does Term Insurance work?
Term Insurance is insurance that protects you for a specific period of time. The insurance is valid from the date you purchase the policy until the date the policy is terminated. For example, you buy annual term insurance for Rs 50,000 for a period of 20 years and the policy becomes active from the 1st April of the financial year.
You will be charged a premium for each year which will be lower than the sum assured (the amount you are paying for). It is mandatory for an Indian resident who is 40 years or less to buy a life cover.
Term Insurance offers you both financial protection as well as social benefits. Many insurance policies can be bought online, which means no form filling is required.
What is the benefit of Term Insurance?
The term insurance for you provides protection against the death of your family members. This is a must for people who do not have adequate life cover.
When you apply for term insurance, you need to provide details of your family members like your spouse and your children. This will cover you and the members of your family in case of untimely death. How long does it take to get coverage?
You can receive a term insurance policy within 24 hours once you have filled up a form online. If you apply for term insurance online and want to make a claim, you will have to wait for about 30 days to receive the payout.
But if you approach an agent, it may take from 1 to 30 days for your claim to be processed. In the meanwhile, you can receive the claim amount. Why should I buy Term Insurance?
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The different types of Term Insurance.
People with children For families with children, term insurance is important as the children need to have a life assurance cover so that you have an insurance cover when they are still dependent on you. You need a policy that protects your dependents from premature death,
in case you lose your job and can no longer afford to sustain the family. For your dependents, if anything happens to you, it is better for them to have the life insurance that is designed for the family as opposed to having multiple policies that do not address the same purpose.So, when people lose their jobs, the family members usually cannot afford to cover their own hospital bills and pay their salaries at the same time.
Conclusion.
Just remember to always protect yourself and your family by having the right amount of life insurance coverage. Not only is life insurance a great way to save up for a comfortable retirement or a family member’s college expenses,
but also having a life insurance policy will also protect you if you happen to become sick or pass away. While life insurance is not as fun as taking vacations or travelling the world, it is still one of the best things you can do for yourself and your family.
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