Instead of knowing the term insurance advantages and
disadvantages, majority of people refuse to pay for this policy. Below is a
list of the common excuses why people think they don’t need to purchase term
insurance India and why it is completely wrong:
- ‘Single’ Status
Buying online term insurance India is important even if
person is single. It is essential for those who have financial obligations,
including having outstanding balances on credit cards or running some loans.
Your family will be left to make those repayments when you are no more around.
In fact, this improves the lifestyle for policyholder’s parents as well. In
case your parents are not dependent on your salary currently, but they may rely
on your income post their retirement.
- Young and Healthy
Actually, it is the right time to buy online
term insurance India because you can save some handsome amount of
money on premium and get guaranteed cover. As your age grows, you may suffer
with health issues and will have to pay a higher premium or may not get desired
coverage.
- I don’t have Children
Term insurance policy gives safe financial future for your
spouse when you are not around to take care of their needs. Your spouse may
have to manage monthly expenses and your loan EMIs. It will not be easy if your
spouse is financially dependent.
- Have Employer’s Term insurance Policy
There is a huge difference between having enough term
insurance for whole life and just term insurance. Only the right amount of
coverage can successfully replace policyholder’s future earning till his or her
retirement in insured’s absence. Usually, insurers give coverage which is twice
the employee’s annual salary. But, such benefits may be sufficient to support
the family maximum for two years.
- Spouse is Covered and Primary Earner
Still, you do take on responsibilities and hence, your
income impacts the lifestyle of the family. As a homemaker, you are running the
household and life will become challenging in your absence.
- No Returns
People have a tendency to compare term insurance for whole
life with other financial products especially investment plans. But,
policyholders need to understand that it is not about returns, it’s about peace
of mind. This policy covers the risk of dying too early.
[Source: http://blog.policyboss.com/term-insurance/six-common-misbeliefs-people-dont-need-term-insurance/]
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