Investing in a term insurance plan is the most cost-effective manner of securing the family of insured from all unwanted situations. An investment in term insurance plan comes out with endless benefits but still, people don’t feel in investing as they will not get returns only his/her family will be able to receive the death benefit in case of his/her demise. This is the basic reason and there are several others as well that keep them away from term insurance.
In this article, we are busting all myths regarding term insurance plan so the person can easily think about an investment in the same.
An insurance plan without any return is not worth it
Well, it can be an eye-opener for all those people who think that investing in a term insurance plan is not worth the cost. Such people should think again by keeping all the uncertainties of life in mind. A term insurance is there with the wider coverage at a nominal cost. It may not provide huge returns but offers huge benefits. A term insurance plan makes sure that the future of the insured’s family in safe in absence of insured also
Term insurance policies are similar, insurance companies don’t pay claims
The main use of term insurance policy occurs in case of insured’s death. But have you ever thought that how will your family manage their expenses after you? From where they get the funds to live life peacefully. In case of any mishappening, a term insurance plan offers a lump sum amount to the beneficiary of the policy so that the future of your dependents can be secured.
Buying term insurance too early and too late in life is not beneficial
Investing in a term insurance plan is not a matter of too early or too late. It is great if you can invest in the same at a young age. But a person shouldn’t have to worry if he/she becomes older, still, he/she can avail of the benefits of term insurance plan
Term insurance by an employer
If your company has provided a term insurance plan under a group life insurance policy then it is great but it is advisable for you to check the amount. For the same, you can take help of the experts in the industry. Many companies offer coverage but mostly it is not enough to offer complete coverage and wider coverage. It will not be enough for your family to live life peacefully after you.
The cover of a term insurance plan cannot be increased
It is one of the biggest myth related to term insurance term plan. Well, the fact is completely different. If a person opts for a plan based on the income at the age of 25 then he/she can increase the amount once they reach the age of 30 or 40 and make it big. A few insurance companies such as SBI Life eShield, Bajaj Allianz Term iSecure, Aegon Religare Life iTerm, etc. Offers the same option. However, it will surely cost more but you don’t have to buy a separate term plan. Apart from this, according to your income and requirements of the family of an individual, anything else will not be able to match the cover.
Online Purchase of Tem Insurance Plan is Complicated
If you still feel the same then you must give it a try. Many people have this misconception that investing in a term insurance plan online is a complicated process. But the reality is completely different. Investing in a term insurance plan online is the easiest thing. IT will save your time and money as well. To buy the term insurance policy online, the buyer has to submit a few documents along with basic details and the rest will be taken care of by the company itself. Go with the PolicyX, as it is the platform that can make the whole process of buying term insurance easy for you.