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13 Dec 2019, Edition - 1613, Friday

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Health & Lifestyle

5 myths about term insurance debunked

Covai Post Network

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Why you need term insurance?

Being young is not ignoring the finiteness of one’s life. The right approach is to understand the fact that you might not be around your family forever. But in your absence, they should not find it difficult to sustain their life efficiently. For that, you must have the right financial arrangement in place. There is a saying, an insurance plan is directly proportional to your age, the older you are, the more it is going to cost you. Term insurance is affordable and one of the safest insurance plans one can have. You can specify your needs, instead of going for lifetime coverage. This will further reduce your financial burden. Another advantage is you do not lose much of your money even if you opt out of the policy, which is not the case in permanent insurance plans.

All that is required is that the policyholder pay a certain amount as premium for a particular span of time, which is handed over to the nominee as death benefit upon the death of the policyowner. Term insurance policies also provide financial support to your family in the future in terms of education, marriage, etc. This will help you secure your family’s future in a better way.

Term insurance gives you greater benefits in small premiums. In case of a numerous financial obligations, a normal life insurance comes handy but if you are looking for something pocket-friendly, term insurance takes the cake.

5 myths about term insurance

People somehow still hesitate to buy life insurance for themselves. There are a lot of myths regarding life insurance plans in India. People hardly understand the value of buying one. Here in this article you will know some myths about term insurance.

Myth 1: Most people have a notion that life insurance policies are very expensive.
Reality: You can now compare costs and get quotes to suit your finances. You can find minimum cost term insurance policies online. As mentioned above, you get extensive coverage availing minimum premiums.

Myth 2: Most people think that it is better to save than have insurance.
Reality: It is a healthy habit to nurture the art of savings. But, it is highly doubtful that one will have enough money saved up for critical problems like health issues, wedding, or any family emergency.

Myth 3: Most people pride over their age. They believe that a life insurance is not for young people, it is only opted by older age group.
Reality:Life is uncertain, everything happening in your life is temporary and uncertain. No one knows what is going to happen tomorrow. Death does not see age or as the only criteria, for that matter. So, you should be wise enough to buy term insurance when you start earning. If you do not want to leave your loved ones hanging when you are not around, this is the best option you have. In permanent insurance plans you get products like savings and retirement plans among many other options.

Myth 4: Most of you may think that insurance claim is rejected in most cases.
Reality: This is one of the most common myths about term insurance. Insurance policies exist to provide your family with the financial support at the time of a mishap or crisis. Transparency is a must in this case. You can check your insurance company’s Claim Settlement Ratio to know whether buying a term life insurance from that particular insurer will be beneficial.

Myth 5: People are scared of complications they may face while purchasing an insurance.
Reality: The reality is digitisation has eased the purchasing process a lot. You do not have to go through the hassle of going to the office of the insurer or standing in a queue. It is user-friendly and saves a lot of your time. What can be easier than getting everything on a platter? You can have your customised policy suiting your financial needs just a click away. You can even calculate your premium amount that needs to be paid in order to purchase it online.

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