The best way to secure the future of your loved ones is through a term insurance plan. A term insurance policy is a life insurance plan, which provides for the financial security of your loved ones in case of an unfortunate incident. You can secure the future of your family at a low cost. However, a term insurance plan is associated with many myths. We have busted a few common myths below to help you find the best term insurance online.
- A term insurance plan offers no return
Once you understand what term insurance is, you will feel that a plan without any return is not worth it. However, this is a misconception. A term plan will give you a cover at a nominal cost. It will not provide any maturity benefit but it will secure the future of your family at a low premium amount.
- Insurers do not give claims in the term plan
The purpose of term insurance is to help your family to meet the financial requirements in case of any untoward eventuality, as the plan will give you a lump sum to secure the future of your loved ones.
- Term insurance should not be purchased too early or too late
There is never a right time to buy insurance. When it comes to purchasing a term insurance plan, it is never too early or too late. It is beneficial if you purchase term insurance online when you are young so that you can buy it at a cheaper rate. You need not worry if you are older because the premium rates are affordable as compared to other plans.
- I already have a group life insurance; I do not need term insurance
It is indeed excellent if your company offers group insurance but it is advisable to check the amount. Additionally, when you leave the job and move to a different company, you will not have the same cover. The coverage provided by the company might not be enough; hence, term insurance is essential. It will always ensure the financial security of your dear ones.
- Term insurance cover remains fixed throughout the tenure
This is the biggest myth most of us have.For instance, if an individual opts for a term plan based on the income at the age of 20, he has an opportunity to increase the amount when he is 35 or 40. Insurance companies provide an option of increasing the coverage of the policy that too without the need of investing in a separate term insurance plan.
- Buying a term plan online is a complicated process
Many people still have the misconception that buying term insurance online is a tedious process. However, in reality, it is the opposite. Buying an insurance cover online is an easy and hassle-free way of procuring a life cover. You will be able to compare different plans and avail of an insurance policy in a matter of a few minutes.
There is absolutely no reason why you should delay the purchase of a term plan. It serves the most important purpose of protecting your family by providing a cover for your life.
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