Term Insurance - Is It A Waste Of Your Money - Greyfont

Term Insurance-Is it a Waste of Your Money?


Protecting the future of one’s children and spouse is the first and foremost responsibility of every single individual. The best and smartest way to secure the future of your near and dear ones is to have a term insurance plan. Since uncertainties like illness, accident or death can happen at any point of time and affect your family, the last resort which remains with you are term insurance plans that cover the risk of your life for a definite period of time. 


What are term insurance plans?

Term insurance plans are basically life risk covered plans available for people who wish to secure the future of their family after their own death. Term insurance plans have a definite time period.  Under this, an insured person introduces the name of a nominee who will get the insurance amount on the date of maturity of the policy or when the insured dies.


Term insurance; waste of money is a myth

One of the major objectives of term plans is to provide financial protection for the family, in sudden demise of bread earner of the family. This is one of the major reasons why most of the people consider purchasing a term plan.

Term insurance should be taken as a plan which fulfills the goal of financial planning  of your life. Most importantly it provides security to your loved ones, which is very important especially in the absence of the insured person. Thus, having a term insurance policy is not a waste of money but is the best way to provide financial security to your loved ones.


What makes the term insurance plan favorable?

Term insurance planshave various benefits attached to it, out of which some of them have been listed below;


A Low-Cost Plan:

One of the early advantages of term insurance plans is that it is a cost-effective buying option for people willing to secure the future of their family after their sudden demise. In comparison with a permanent insurance plan, the overall cost of buying term insurance plans are generally pocket soothing.


Protect against Liabilities:

It is one of the crucial benefits of attaining term insurance plans that protects your family from any kind of liabilities you leave behind. Hence in such situations, the family need not have to bear any liability, instead, they will be served with the whole insurance amount, such that they can feel financially secure and also lead a normal and happy life.


Flexibility to Opt Out:

This sounds a relief for many people who wish to discontinue term insurance plans and want to switch to whole life endowment plan or any other plan. The duration of the term insurance varies from 5 years to 35 years. In between this time period, one has the flexibility to opt out of the plan and switch to another one.


The above-mentioned benefits, thus very well clarify that term insurance plan is not a waste of money, instead, it is a wise investment plan which should be opted for by every earner of the family.


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