In today’s time, people always seek ways to secure their family’s financial future, so that they can lead a decent life even after the unfortunate demise of the breadwinner. The best term insurance plan is the answer to securing your family against any financial hardship when you are no longer around. Buying the best term insurance plan offers a sum insured to the beneficiary or nominee in the event of the death of the policyholder.
The benefits of buying the best term insurance plans are:
- Coverage for death: The best term insurance plans provide pure life coverage, which makes it a must buy, especially, if you are the sole wage earning member in your family. In the event of your untimely death, the insurance company pays an amount that is equivalent to the sum insured to the family so that the finances are not affected.
- Fulfil monetary objectives: In the event of the untimely demise of the policyholder, a one-time lump sum payout that is equal to the sum assured helps accomplish all the major monetary goals such as children’s marriage and your child’s education. The payout from the best term insurance plan also helps pay off any loans such as a car or home loan.
- Ascertains regular income: Some of the best term insurance plans are available with lump sum payout plus per month income to the insured’s family and some plans returns the paid insurance premiums at the maturity of the term policy, provided that the insured survives through the plan.
- Additional coverage: As the policyholder, you also have the option to choose riders with your best term insurance plan. Riders, for instance, disability rider, accidental death benefit, critical illness and income benefit rider help improve the protection to your plan base.
One of the major factors that should be taken into consideration when buying a term plan is to ascertain how well it can cover the financial well-being of your family.
Some of the key factors that you should consider are:
- Adequate cover: Selecting a right cover sum ascertains that your family receives the payout that can cover the day-to-day, including other major expenses such as paying off debts, children education, marriage and much more. Purchasing a plan with an inadequate coverage is of no use.
- Policy tenure: It is professionally advised to select policy tenure so that you can pay off all the major monetary liabilities. Avoid going for a plan that may end at the time the coverage is required the most. It is best to opt for a plan that provides the policyholder with flexible tenure options, so that he or she can choose the tenure as per his or her protection needs.
- Consider the inflation rate: When you are looking to buy the best term insurance plan, it is recommended to make an estimate regarding the inflation and then get a life cover that can easily cover the financial expenses of your family at a time, let’s say for 20 years. You may also keep the inflation as a deciding factor when you choose the sum assured.
- Claim settlement Ratio: This factor is extremely important as it provides you with an idea about the number of claims settled by the insurance company. Higher ratio signifies that the insurance company is reliable when it comes to paying claims. It is thus advisable to select an insurer that has the highest claim settlement ratio.
- Read the terms of the policy: You should never take the word of the insurer; go through the policy benefits and inclusions, terms and conditions for yourself so that you can evaluate the suitability of the policy for your family. Selecting the best term insurance plan would help build a secure financial future for your family.
- Compare the insurance plans online: Before deciding that a particular policy is the best term insurance plan, compare the plans from several insurance companies. Comparing insurance plans online provides you with an option to explore various term plans and its benefits. It helps you figure out a plan that would be the best fit for your financial needs.
The best part about comparing and buying the insurance plans online is that you will be able to consult the dedicated and well-qualified representatives of the site who will guide you through the comparison and purchase procedure.
Assess your financial security needs and choose the best term insurance plan from Coverfox. Insure your life along with ensuring the protection of your family for years to come.
