Why should you buy term insurance?

Term insurance guarantees a pre-determined amount of money to the insured person’s nominees if the person passes away within the policy period. Term insurance for life should be a necessity if you have family members who are financially dependent on you and you are the sole breadwinner. It can likewise prove to be handy if you have liabilities like an auto loan, a home loan, or other obligations.

Some other reasons to buy term insurance:

  • Low premiums

  • Longer coverage

  • Increasing life coverage

  • Riders for customisation

  • Lower premiums for women and non-smokers

  • Tax benefits

Term insurance for life act as a financial cushion for your family and ensures that they continue living the lifestyle you provided them and remain financially independent even when you are no longer there to support them.

Essentially, some term insurance plans offer regular monthly payouts, along with the lump sum amount that can provide a regular income to suffice the monthly living expenses.