Term Insurance ? the best investment for your family

You’ve always tried to give your family nothing but the best. Compromise is not an option. You would go out of your way to bring a smile on your near and dear one’s faces. But life is all about uncertainties. What would happen if something unfortunate were to happen to you? Ever given it a thought? Who would take care of the liabilities left behind that are still waiting to be paid off? Your utmost priority is to secure the well being of your loved ones who have always depended upon you. Thought the emotional void cannot be fulfilled, you can plan and make sure that financially their life is secured.

This is where the role of term insurance comes in.  A term insurance pay out can help ease worries on the financial front. Term insurance provides protection for a specific period of time.

It pays a benefit only if due to some unfortunate incident, the policy holder passes away. Level term products are the most popular plans purchased today. You can choose a level term from 5 years to 30 years. Also, the premiums can be either guaranteed or not guaranteed.

When you buy a term insurance, make sure you are aware of the guaranteed* premium period. Once, all the formalities have been done and you pay the first payment, the insurance company is obligated to keep the policy in force as long as you keep paying the premiums. It’s up to you to pay every month or not. But once you stop paying, the policy will lapse after usually a 30 day grace period. Some term insurance policies can be renewed when you reach the end of a specific period which can be from one to 30 years. 

These days, to make it easier for you to calculate your premiums and compare different term insurance plans, you can use insurance calculators and even subscribe to term insurance online. But before you subscribe to term insurance online, take a look at various other term insurance plans available. There are a lot of hidden costs which one tends to ignore. So make sure that you are aware of all the terms and conditions so that there is no surprise in store for you later on.  Since buying a term insurance plan is costs much less than a life insurance policy, it’s time you ensure a life of self respect and pride for your family.

You can refer to http://www.iciciprulife.com/public/term-plans/iCare.htm for more details

The author has been in the insurance industry since a decade now and has a deep understanding of all the available opportunities.


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