Innovative technology and new priorities have changed our lives drastically in modern times. Family formations, too, have changed over the centuries, from large joint family structures to micro, nuclear units, but their relevance in a person’s life remains the same. Which is why ensuring a safe, secure, and healthy life for your familyshould be a top priority at all times.
While you may have control over your family’s well being in the present times, nobody can guarantee what happens in the future. One of the best ways to secure your family’s tomorrow is by investing in one of the most economical forms of life insurance, i.e. term life insurance. It may not make up for the emotional loss but would definitely help in securing your family’s financial future.
A term life insurance or term plan is nothing but a type of life insurance which provides financial security to the nominee of the policyholder but only when the policyholder dies within the term period.The most lucrative feature of term insurance is that one can opt for a high insurance cover at an extremely affordable premium. For instance, one can avail a term plan with a risk-cover worth Rs 1 crore for just Rs 18 per day.
Here is how term insurance can take care of the financial future for your family.
- Helps in paying monthly bills and medical costs
Term plans have both lump sum and monthly payout systems. It can help your family cover the basic needs, such as food and utilities as well as other daily expenses. Further, it can help take care of the medical expenses in case someone in the family falls sick.
- Realize important goals
In the absence of the bread earner, the term plan’s large payout can help meet some major financial goals, such as a child’s education expenditure or marriage. Without a sound financial back support, all these plans can be jeopardized.
- Meet the debt obligations
The payout received fromterm insurance can help family members meet different debt obligations such as housing loans, education loans, or car loans. The policyholder may have taken any of these loans during their lifetime or when they had the physical capacity to work. Family members can use the sum assured to pay off thesedebts.
- Create a new revenue stream
With the insurance companies offering different payout options for the term plan, a monthly payout system can help to create a steady and predictable revenue stream for the family. Further, it also saves the family from the trouble of managing a lump sum payout.
- Cover for critical illness and disability
With constant new features and upgrades, aterm plan now can also provide financial support in case the policyholder gets diagnosed with some critical illness or meets with an accident and gets partially or fully disabled. With an additional premium payout, over and above the basic premium, one can avail for rider benefits.
Indeed, money cannot buy everything. But by buying a term insurance plan, you can guarantee your family's financial future. Term insurance provides the much-needed financial support to your family members when they require it the most. Therefore, a term life insurance is one of the wisest choices to safeguard your family from an uncertain tomorrow.