We know term insurance for its simple yet effective capacity to provide financial protection to our family in times of need. But wouldn’t you like to know what else your term life insurance has in store for you?
Given below are 5 lesser-known facts about a term plan
· A term life insurance policy offers coverage up to 85 years of age
No matter at what age you buy term life insurance, you can enjoy life insurance cover of up to 85 years of age. While it is always advisable to go for a term plan at the age of 20 or 25 years to enjoy long life insurance coverage, you can also opt for a suitable plan later in your 40s and still get the benefits of your term insurance plan for many years.
· The most uncomplicated life insurance product
A term life insurance policy is the only life insurance product that does not have any difficult clauses or ambiguous terms and conditions. By paying affordable term plan premiums, you can get the benefit of extensive life cover for your family that will be adequate enough to take care of major expenses like a foreign tour, a vacation home, or even pay off outstanding debts!
· Sum assured can be as high as 20 times your income
Deciding the right amount of coverage for your family can be confusing, so here’s a simple math – the term plan sum assured should be 15-20 times more than your annual income1 ! After all, it is necessary to ensure that your family can continue leading a comfortable life. Moreover, the affordability of the term insurance premium payments will hardly let you feel the pinch.
Most people settle for lower sum assured to save money, which can lead to low coverage and insufficient payout for the family in times of need. Term insurance plans offer attractive discounts on premiums if you choose a higher sum assured.
· False information leads to claim rejections
Something as basic as providing the right information on your term insurance application form can help your family easily gain the financial support they may need in your absence. While providing false information about your medical history and lifestyle habits may seem like a short-cut to paying lower premiums, it can turn out to be an expensive mistake later on. Additionally, buying term insurance online is cheaper than buying an offline term plan.
Keeping these facts in mind, you can explore the Edelweiss Tokio term insurance plans that help you and your family lead a stress-free life under a protective and extensive cover till 85 years of age!
For more information, visit our website today!
1 - https://www.livemint.com/money/personal-finance/four-methods-to-calculate-how-much-term-insurance-you-need-11605023306997.html
Swati Tumar - Travel & Finance Writer
Swati is a Writer in the day and an illustrator at night. Among her interests, she is quite fond of art and all things creative. She often indulges herself in creating doodles, illustrations, and other forms of content. She identifies herself as an avid traveler and shameless foodie.