Can you Afford not to have a Term Insurance?

If you are an earning member of your family, one thing that could make you anxious is the thought of you having to leave your family with all your debts and liabilities. A term life insurance protects your family in such a situation. It gives your family the financial coverage to stay afloat, even at the worst of times. This makes a term plan inevitable.

What is term insurance?

A term insurance gives the insured’s family financial cover in the case of an untimely passing of the insured, during the period of insurance. This cover is very important for a family’s financial safety.

For example, if a person has a home loan of Rs.10 lakh and a term plan of Rs.20 lakh, even if the person unfortunately expires, the family will get the insurance amount and can repay the debt.

What happens if you don’t have a term insurance?

Term insurance is something that you can’t avoid, doesn’t matter your financial situation, age, or health. Term insurance benefits always outweigh the risks and inhibitions surrounding it. Not having a term plan is a risk you or your family doesn’t deserve. Let’s see how not having a term insurance could affect your family.

  • Risk

A breadwinner’s death could put the whole family in a financial risk. A sudden stoppage of regular income is an uncertainty no one wants to be in. You might have friends or family that can help, but there is no certainty in how much they can help. At the same time, a term life insurance guarantees you a certain insured sum in this scenario to safeguard your family.

  • Debt

Debt and liabilities are something no one wants to leave behind. It might be a home loan that you are still paying back or a personal loan that you look for that dream vacation – paying that back will be hard for your family with one less earning member.

Term insurance can protect your family here. It is always a good idea to get insured for an amount over and above your loan amount to help your family settle your debts and at the same time, navigate through the difficult times.

  • Dependents

You might have many dependents – children, a spouse, or parents. You don’t want to leave them stranded if something unfortunate happens to you. In many situations, there might be only one breadwinner in a family and if that person passes away, the whole family could be in a huge financial crisis. A term insurance makes sure that it doesn’t happen. It pays to your family, an insured sum, that will help them stay financially stable even in your absence. It could ensure that your children get proper education they deserve, and your parents get the old age care they require.

  • Peace of mind

One of the biggest factors in anyone’s life is their peace of mind. A term life insurance ensures that in two ways. It makes sure you have the peace of mind about your family’s future, even if you have to leave them behind, and it ensures your family’s peace of mind, at least about the financial stability of the family,  after you’ve gone. This is something you can’t leave to chance.

In short, nobody can afford to not have a term life insurance. Term insurance benefits help millions of families stay financial safe through the most difficult time in their life. If you don’t have a term plan yet, it is easy to get one, especially online.

How to buy term insurance online?

Most insurance providers these days provide term life insurance through an online process that is completely hassle-free. While the chronology of the steps might vary from provider to provider, here is how the process is, generally –

1)Go to an insurance provider website and register.

2) Choose your plan and premium.

3) Provide your medical details.

4) Provide your KYC and beneficiary details.

5) Pay the premium amount.

If you are confused about what plan and riders will work for you, it’s a wise idea to make use of resources available on these websites as well. Go to an insurance provider’s website and get insured today!