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Can You Afford Not Having a Term Plan?

  7/14/23 6:13 AM

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Buying a term insurance is one of the most important financial decisions.  But why is it so important? Well, regardless of how much you earn, no one knows what the future holds. In this context, you can’t afford to not have a term plan! You can shield your family and secure their financial future by buying a term insurance plan. Moreover, do not fail to notice the benefits of a term plan especially if you are young. Some of the reasons are mentioned below which can move you in the direction of buying a term plan.

Your family is financially dependent on you to a large extent and you certainly don’t want to let them down. Whether it’s for replacing lost income, paying for your child’s education or making sure your spouse gets the much-needed financial security, a term insurance plan could save the day for your surviving dependents. Any sort of debt- a home loan, an auto loan, personal loan or outstanding credit card bills- is manageable if you happen to buy the right term insurance plan.

Even if you are young and unmarried, if you have dependents or you have co-signed a loan with your parents whether it be a student loan or a home loan, you need to start considering to opt for a term plan.

It is imperative to buy when you are young and healthy since it remains in force even if your health deteriorates later on.

Death is unavoidable. In the face of tragedy, the least you can do for your family is to secure their financial future. In the end, you make out that you’ve done all you can to help your family tide over difficult times. If you have not taken a term plan then now is the time to take care of your family. Think about it.

 

Chirag Iyer - BFSI Enthusiast

Chirag is a writer and an avid reader who loves to drink coffee! His other interests include boxing, karate, and singing.

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