Provide for your family even after you are gone- Purchase Term Insurance – MoneyMindz

By | 18/09/2018


You have a family that loves you and you love them too. You happen to be the breadwinner of the family as well. You may have dependent parents, dependant spouse, dependent children and perhaps even a dependent relative. You shoulder the responsibilities of the entire family. You pay the bills, you invest your hard earned money, you pay for medical treatment of any member of your family who falls sick and you manage the family savings too. You all think nothing can go wrong when one day you suddenly quit this mortal world leaving behind your dependents.  If the above example frightened you or at least made you ponder, Moneymindz India Best Free Term-Insurance Advisory tells you that it’s time to buy Term Insurance. If you already have a Term Insurance, the Term Insurance Company will provide financial support to your family in your absence, going by the above example.. Otherwise your family will have a hard time dealing with family and personal finances.

What is Term Insurance?

Term Insurance is a kind of Life Insurance that covers the insured person for a “term” of years. Following the death of the insured (if death occurs during the term), the insurer pays death benefit to the nominee. Term Insurance is also called Term Assurance. Moneymindz Free Term-Insurance Advisory recommends most people to have Term Insurance, especially if they are the breadwinners of their families and haven’t yet retired.

Features of Term Insurance

  1. Doesn’t Accumulate Capital

Term life insurance never hoards wealth over time. Term Insurance premiums go directly towards securing compensation in case the unthinkable takes place.

  1. Medical Exam
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Some Insurers will require you to undergo a medical test and show them your medical reports so as to decide your premium.  Usually someone hired by the company performs this medical test on you.

  1. Cost effective

Compared to other insurance policies, Term Insurance is more cost effective. But regardless of its cost, ensuring your family is financially safe in case you are not around to protect them is important.

  1. Pay premium up to Retirement only

Your family will be dependent on you till you retire. Once you retire, your family will begin taking care of you. So, at the time you need Health Insurance, not Term Insurance.

Merits of Term Insurance

  1. Longer coverage

Term insurance plans generally provide long coverages like 15 years, 20 years, 25 or even 30 years.

  1. Value is given to money

Term insurance gives you value for money, at least most of the times. They are cost effective in this regard.

  1. Your dependants will be provided for in your absence

If you have dependants, it will be ensured that food for them is kept on the table in case you were not around to put food on the table.

For all these reasons, it is imperative to purchase Term Insurance.

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