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Why Term Insurance is Not a Choice But Compulsion?

  9/26/18 8:34 AM

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Priya, a single working mother, always thought it would be a good idea to buy life insurance to protect her children, but something always seemed to get in the way. Funds were taut, or the time.

Years later, Priya purchased her own house; her elder daughter was then 18 years old and her son was 14 years old. At that time, her budget was pretty tight and didn’t let her much scope for savings.

One night while driving home from work, Priya was struck head-on by an unfocused driver. She died on the spot. While Priya’s children were strained to deal with the tragic loss of their mother, they also had to face the fact that she left behind only little amount in the bank and no life insurance, leaving them really broke after covering the cost of a very basic funeral. That is why life insurance is imperative. No one knows what is coming around the corner. If you die unexpectedly, you can leave your spouse or children in a very tight spot.

Optimistically this story has shown you just how important life insurance is and certainly, it is not at all a choice but a compulsion which secures the lives of your financial dependents in your absence. In case you have any doubt, here are some valid reasons why term insurance is a necessity and not an option.

A term insurance plan can pay off any debts that you leave at the back that would be a load to your family. Debts such as a mortgage, credit cards, and car loans can impact on your family and their lifestyle. If you die all of a sudden a life insurance policy will ensure that your children live their dreams, buy a home and even pay for their wedding.

A term life insurance policy is reasonably priced to give you and your family members peace of mind, knowing that they will be sheltered if an unfortunate event occurs to you. You no longer have to worry about their financial future as by your simple move they will be able to continue their current lifestyle.

Start protecting your family today without any delay.

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