Term plans can be considered as the most traditional and fundamental of life insurance plans. At the cost of a relatively low premium payment, you can protect your family from financial insecurity, and support them in their goals. Currently, you can also opt for online term plans, which are convenient as you can purchase the policy at your own convenience.
The main reasons why a term plan is essential have been listed below –
1. Nothing can be more important to you than your family’s security. Financial burdens can easily befall anyone at any point of life. In fact, it is bound to happen to everyone at some or the other point in their lives. Your death is such a burden, which can cripple your family. At that point of time, if you have a term plan, your family will stay protected from such financial burdens.
2. You always care about your children, and want the best for them. A term plan ensures that you don’t have to compromise on their future. In the event of your death, your children’s future will not be compromised and their educational expenses in terms of school and college fees will be taken care of.
3. A term plan is not just about protection; it is also about living without any worries. It lends you a helping hand when you need it the most even when no one else is with you. Although nothing can fill the void left by a dear one; a term plan can, however, reduce the financial disturbance in your family’s life in your absence.
So, now that you know why a term plan is important, your next question should be which company’s offering you should choose. That is a tough decision, considering that so many companies are offering such plans. However, only a few of them offer value-for-money term plans.
Edelweiss Tokio Life – MyLife+ is one of the cheapest term plans with cover upto age of 80 years. It definitely offers a value-for-money offering and is worth considering.