Term life insurance is a type of policy that allows you to buy a protection cover against any death and also you can make monthly premium payment as well. It is considered as a basic and affordable term life insurance policy.
It is a popular choice among the middle class families because of its affordability. As there are no additional premiums for medical exam or other medical checkups.
It is a short term cover that helps you to pay funeral expenses and other financial obligations. It is available for a specified time period and there is no claim history for the insured person. It has no age limit.
There are two types of term life insurance that you can consider-
1) Whole Life Insurance
2) Universal Life Insurance
Whole life insurance is a traditional kind of insurance and is considered as a long term policy. The benefit amount that you get will depend upon the sum assured you pay.
Universal life insurance is also known as ULIPs (Unit Linked Insurance Plans). It offers a fixed income throughout the policy. You can invest in various funds like stocks, mutual funds, and bonds and can avail the benefits accordingly.
These days, the cost of term life insurance has decreased and it is very easy to compare the rates. So, go for term insurance as it will provide you financial security for a definite period of time and at the same time it will not eat up too much of your finances.
Advantages of term life insurance:
1. Lowest premiums
2. Simple investment schemes
3. Availability of instant cover
4. No medical exam and claim history
5. No claim history
6. Low premiums
7. Flexibility in the cover
8. No medical exam
9. Availability of cashless benefit
10. Short term cover
11. No additional premiums
12. Lower rates
13. No medical exam
14. No claim history
15. Instant coverage
16. Longer coverage
17. Available across the world
So, these are the main points that you need to understand before buying term life insurance. If you are a small businessman, then you can use it to provide your employees financial security. If you are a senior citizen and want to provide for your family after your death then it is one of the best choices. If you want to plan your retirement then you can start with a small amount and grow with the years.
To learn more about term life insurance and to get the lowest rates, you can go to our site http://www.lifeinsurance.in. We have also given some useful tips that will help you to choose the right type of term life insurance.
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Is Term Life Insurance Right for Me?
Term life insurance is one of the best life insurance policies and it is suitable for most people. This type of insurance covers for a specific period and not for an entire lifetime. A term life policy has certain benefits but at the same time, it also has some disadvantages which are listed below.
Benefits of term life insurance
If you have enough money to pay for a term life insurance, then there are lots of benefits available. They are:
• You will be protected in case you suffer from any diseases. Your family will get compensation when your death occurs due to certain disease.
• You will be provided with medical and hospital expenses. This type of policy is suitable for those people who don’t have any medical history.
• You will receive a lump sum payment if your death occurs due to suicide.
• If you have any financial emergency then you can easily borrow funds from your family.
• You will receive a cash lump sum payment if your life partner dies.
• The policy will have lower premiums and you will be able to save up for your family.
Drawbacks of term life insurance
There are many drawbacks of a term life policy and they are:
• If you are healthy then you will not get any payout.
• There will be no payout in the case of accidental death.
• You won’t get any payout if you die from a natural cause.
• Premiums are higher than permanent policies.
• Term life insurance is less flexible as compared to permanent policies.