Why is Term Insurance the best choice for you?

When there is a wide variety of investment and profitable insurance plans available, why should I take a term plan? Everyone must have thought about it once.

Similarly, Ravi, a 35 years old businessman, came across this doubt, and he was continuously in a dilemma whether to buy a term insurance plan or the investment plans that he already has are enough to support his family. As businesses have their own risks, Ravi has dependents, including his wife, children, and elderly parents.

And most importantly, in a situation like the COVID-19 pandemic, businesses ought to lose track, and investments like insurance plans can be very beneficial. At the same time, in case of any loss in the business or unforeseen happenings occur, then an insurance policy like term insurance can be of massive support to the family. This can help cover any existing debt and give complete financial protection to them. Here we see more in detail about why a term insurance plan is essential: 

Term Insurance plan at every stage of your life: 

Time never lets anyone stay at the same stage of life. As life moves on, responsibilities increase. So here we will see how a term plan is going to be useful for people at a different stage of life: 

1. At your young age: When you have just completed your graduation and started your career, the liabilities, debts, and health risks are low. But life will not remain in the same stage, and you will soon have responsibilities. Therefore, taking the best term insurance plan at this stage of your life is very important to secure your loved ones financially. Moreover, you benefit from having a high sum assured at considerably low premiums at a young age.
2. When you are married: The next stage of your life is marriage, wherein the financial commitments increases. Therefore, automatically you will start working more for your family to earn money. However, as your financial commitments start growing, you should also realize the risks involved if your family is left unsupported due to your sudden demise. This may leave your family under hectic financial pressure for an extended period of their life. Hence, it would be best to immediately start planning to buy a term plan to give good financial protection for your family. 
3. You are a parent now: Moving on to the next level after having children, you will have more responsibilities to give them better and higher education, fulfill their dream without compromising on anything. You should make all possible arrangements to provide them with a comfortable life even in your absence. Therefore, you should identify the ideal term insurance policy and secure their future financially.
4. Towards your retirement: At this stage of life, although your children must have grown up, completed their education, and settled in life, but you need to plan your retirement or secure your spouse’s old age. In case of any unforeseen happening in your life, your spouse might be at a critical financial risk. Also, your spouse needs to be financially independent such that they can take care of themselves without being dependent on anyone else. Hence, a term plan is equally important for this stage as well, and you should plan to purchase at the earliest in your life.

Considering all these factors now, you should never hesitate or keep thinking about whether you should buy a term plan or not. You can visit iiflinsurance.com for all kinds of insurance needs and get the best term insurance plans from the top insurers in India.