Over the years, term insurance has got a large following. It is recommended to purchase a term insurance by the time you reach the age of 30. Picture this. You are an independent working professional aged 30. You are healthy and taking steps to become wealthy too. Maybe you have bought a house/vehicle already. Perhaps you’re planning to get married or already married. Probably your kids are on their way to earth or have already arrived.
Whatever is the scenario, you are a 30 year old family person. You are the breadwinner of your family. Hence, you need to think of your family during your absence. If you suddenly disappeared or, hopefully not, passed away, how will your family survive?
All You Need To Know About Term Insurance:
A Term Insurance is an easy-to-understand plan :
Easy to comprehend and simple to use, you just have to pay the premium following which your life will be covered for a particular amount.
Commence early, low premium
You are healthy before you reach 30. Lifestyle diseases haven’t begun bothering you. The younger you are when you purchase term insurance, the lower your term insurance premium will be. While applying, you will have to undergo medical checkup. If you have a lifestyle disease, the insurance company will decline to cover you with term insurance.
Tax can be saved
Under section 80C deductions Premium paid towards term insurance is one of the investments!! You can save tax this way!.
It gives peace of mind:
Insurance is all about buying a safety net. If you have an insurance, you can rest assured that something is there for protection when required. In the event of disaster, the financial requirements of your family will be taken care of.
Additional source of income in later years:
In this age and time, most of the people have debt, home loan, car loan and so on. When a term insurance holder dies, his/her money can be used to pay off those debts!!
These are the benefits of term insurance. For more information visit www.moneymindz.com or give a missed call to 022-6211658
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