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Term insurance is often considered an important financial tool, but most people fail to understand why. To explain the importance of family financial security, it is one of the most affordable ways to secure a large life cover for the family is through term insurance. Let us look at why term insurance is essential and the importance of family financial security.
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Note: Know more about what is term insurance first before reading this article.
The family’s financial security offered by term insurance is important for the following reasons:
Peace of Mind: One of the main importance of financial security is that it provides stability and reduces stress about unexpected expenses.
Pay for Child’s Education: Family financial protection enables individuals to pay for the child’s higher education, new business endeavors, or fund their wedding.
Secure Retirement: Family financial security ensures a comfortable retirement, allowing individuals to enjoy their post-retirement life without financial worries.
Health and Well-being: Financial security is linked to better physical and mental health outcomes, as financial stress can take a toll on overall well-being.
Unexpected Emergencies: The term or life insurance payout can help individuals pay for any unexpected emergencies like medical costs or treatments that may arise.
Term Plans
Let us take a look at the importance of family financial security in India:
Income Replacement Plans
If you are the main income earner of your family, then in your absence, the family might suffer financially. Suppose you earned 40,000 per month, and your family’s total monthly expenses were around 35,000, then, in case of your untimely demise, the family would not only be grieving the loss of a loved one but also struggle to meet their monthly financial needs. An income replacement term insurance can help your family maintain their current quality of life.
Fulfill Future Goals and Needs
The benefit payout received from term or life insurance plans not only provides the necessary financial security in the absence of the main breadwinner but also ensures they can fulfil their lifelong goals and needs, like going on a foreign trip or buying a house. Most term plans also provide the option of enhancing the base cover of the policy with term insurance riders that can be added at nominal premiums.
Pay-off Remaining Debts/Loans
Many individuals take out loans to fulfill their dreams, like starting a business, pursuing higher education, buying a house, or even a vehicle like a car. But in case of the policyholder’s unfortunate death, the burden of having to pay off the remaining loans may fall on the shoulders of the family, which might financially stress them. A term insurance payout can help your family members pay off any remaining loans and debts in your absence.
Leaving a Large Financial Legacy
Various term insurance plans like the whole life insurance policy allow customers to ensure the family financial security by leaving a large amount as a financial legacy behind. These plans cover you for the long term (till 99 or 100 years of age) and allow individuals to enhance the coverage of the policy with available riders. Anyone who understands the importance of financial security for family, ensures a suitable coverage amount and term when buying the policy.
Take Care of Potential Inflation
Inflation is inevitable, and while it can have various effects on the business and economy as a whole, it also majorly impacts the family financial protection. Suppose you currently earn 50 Lacs, and as a means to replace your income, you buy a 50 lakh term insurance. If you suffer an unfortunate death after 15 years of the policy term, then the 50 lakh term insurance might not be sufficient to cover your family’s needs. Therefore, if, in such case, you had bought a 1 Crore term insurance, your family financial security, as well as the potential inflation, would be taken care of.
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Term insurance is essential for anyone who understands the importance of financial security of the family. These plans offer large life cover at affordable premiums and provide family financial security through death benefits payable on the policyholder's death. You can compare and select India's most suitable term insurance plans online on Policybazaar.
Note: Check all the best term insurance plan in India.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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