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Knowing Term Life Insurance
Term life insurance is designed to take care of your financial responsibilities in case the unpredictable happens. Under these plans, you buy an insurance for a fixed period of 10 years to maximum 30 years and they will provide a lump sum amount to the loved ones to help manage their financial commitments, in case the policyholder passes away before the policy period. Let’s say you have bought a 30-year term life plan with a coverage $150,000, this means the insurance provider will help your family with $150,000 to help take care of the pending debts, medical expenses as well as educational expenses if something happens to you before those 30 years.
Also, there are insurance plans which offer a help for funeral expenses of the insured and help with a dedicated amount for the same. With a term life plan for businessmen, the loved ones can utilize the provided accumulated amount to take care of business expenses and bring it on track after the sudden demise of the sole breadwinner. Also, there are plans for people suffering from a pre-existing disease and provide their loved one the peace of mind during the tough days of their life. Depending on the providers these benefits may differ a bit and through insurance portals, you may easily find a provider that provides a plan with the benefits you exactly need.
Useful Features in the Plan
  • Provides a sense of security to the whole family.
  • Comes with the cheapest premium amount.
  • Provides an accumulated amount in case of the tragedy.
  • Option to receive a monthly payout as well.
  • Increase the coverage at major life changes.
Return of Premium (ROP) Term Life
The offered plan is a sub-type under the term life insurance. Usually, term life plans protect for a limited number of years and the protection expires if you don’t choose to renew the same. Also, if you outlive the period, you don’t receive any accumulated cash or other benefits. But the ROP term life plans make you qualify for the same. Under this plan, you can receive an accumulated cash benefit even if nothing goes wrong and you outlive the period successfully. For example, if you buy a 30-years ROP term life plan and outlive that period, the insurer will return the 100 % of your premium amount and if plan to cancel the plan in between then also you will receive a partial amount of your premiums.
Why Purchase a Term Life Plan?
Below are some key benefits you should consider buying a term life plan for.
  • These insurance plans are provided at very affordable premiums.
  • They can protect your family from the unfortunate incidents in future.
  • They help you take care of your financial liabilities.
  • Tax benefits are offered on the premium paid and received payouts.
  • The coverage helps with medical expenses in case the insured get diagnosed with a critical illness.
  • In case of losing income due to disability, these plans help with an alternate source of income.
How to Choose a Plan for Different Scenarios?
Everyone has their different set of requirements and hence a single plan cannot be perfect for everyone. You are supposed to choose a plan according to your specific requirements and we are here to help you with the same. Let’s say you are a young and unmarried person, a term life plan with an accumulated amount would be the best for you. If you are recently married, you can go with a plan which provides a regular monthly income to the spouse. People having young kids can consider buying a plan with an accumulated amount and a consistent monthly income. This plan is also suitable for parents having kids in school or the employee approaching their retirement as well.

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