Life is uncertain and we try everything we can to minimise this uncertainty. Every day, we are exposed to countless risks of death and disability due to natural and accidental forces. We try not to talk about the inevitable - talking about the eventuality of death forces us to confront the transience of life. But it is important to stay prepared for all uncertainties like death, disability, accident, etc. If something were to happen to you, how will your family deal with it? The loss of life has massive emotional consequences, but it also has implications for the lifestyle of your family and everyone you leave behind. One way you can make provision for the well-being of your family and dependents is by buying term life insurance.
The rationale behind term insurance as a financial product is to ensure that your family does not have to suffer financial hardship if something happens to the breadwinner in the family. Life insurance term plans provide complete protection and financial stability to your loved ones in case of any unforeseen events.
Any financial loss coming their way due to the loss of the earning member of the family is alleviated by the amount received by the beneficiaries under the term insurance policy. At an affordable price paid in the form of term insurance premium, a reasonable financial shield can be provided to your kids, dependents and family. This brings us to the question of the ‘term’ or duration of a term plan.