All of us work hard toward providing for our loved ones and do whatever we can to ensure that they have a safe and secure future without compromising on their dreams and ambitions. From meeting household expenses, and providing the best possible education, to ensuring that they have access to all modern amenities for a comfortable life; we spent a significant chunk of our lives working hard so that our loved ones can breathe free of any financial stress.
But, in spite of that, some unforeseen situations in life can completely catch us off-guard and make our plans go for a toss unless we are prepared. A term life insurance is one of the best investments you can make towards being prepared for any unforeseen circumstances that life may force your way so that you can continue to take care of your family.
Here are a few reasons why getting a term policy is so important to ensure financial freedom for your family!
Guaranteed Payout in Case of Untimely Demise
A term life insurance policy comes with the assurance of a guaranteed payout of a lump sum amount up to the sum assured in case of the untimely demise of the policyholder. This payout can help one’s family meet their day-to-day expenses and carry on with other needs such as education, health, EMIs, etc. so that the plans they made aren’t compromised upon.
Offers a Financial Net in Case of Critical Illness
An illness can strike without warning, and a critical illness often renders a person unable to work making it very difficult to make ends meet. This additional benefit offered by a term policy pays out a lump sum amount to take care of immediate medical and financial needs while the policyholder recovers, letting the person and their family focus on health without financial stress.
Pays out in case of Accidental Disability
A term life insurance offers accidental disability benefits in case the policyholder is rendered disabled as a result of an accident. While it’s difficult to cope with such a situation, it can become even more difficult if there is financial stress. A term policy pays out a percentage of the sum assured as an accidental disability benefit to the policyholder to help them cope better with the loss while being financially independent.
Waiver of Premium
If the policyholder is no longer able to pay the term policy premium as a result of illness, disability leading to loss of income; this rider ensures that the term life insurance continues to provide the financial safety net in the form of a sum assured without them requiring them to pay any future premiums on the policy. Meaning, that the policy continues as is till the end of the policy term guaranteeing financial stability to the policy holder’s family in case of an untimely demise.
Accelerated Death Benefit
In case the policyholder is diagnosed with a terminal illness, the entire sum assured is released in advance to meet the medical and household expenses of the policyholder. This helps both the policyholder and their family cope better with the situation and get access to supportive care while continuing to meet their day-to-day expenses.
A term policy is one of the safest investments you can make for ensuring the financial freedom of your family as it does not come with the risks associated with market-linked investments, and the sum assured is paid out regardless of the market situation. Therefore, if you are working hard to ensure that your family has the best of everything, give your family the future they deserve with a term life insurance.
There is a range of term insurance plans that are designed to offer you all of the benefits we discussed at the most affordable premiums, so if you are thinking of getting a term policy, do check out their plans!