Are you worried about your family in case something happens to you? Well, shed a burden off your shoulder. Term insurance will have your back in such a situation. Also called pure life insurance, it will provide cover for a specified term of years. In case of the policyholder’s untimely demise during the plan’s active period, the sum assured is paid as a death benefit to the beneficiary listed. Now with digitalization, you also have the liberty to buy term insurance online. It will reduce half of the hassles related to purchasing a life insurance policy.
Buying a term plan online has other benefits, such as eliminating the need for an agent, standing in queues, and lots of paperwork. However, when you decide to buy one, it would help if you look for these essential features in a term insurance plan.
Features Of Term Insurance
Different insurance companies incorporate various features in their policies, but we have listed some of the basics below. Let us take a look at them.
Cost-effectiveness
Term insurance plans are affordable and cost-effective means of investing your money. It does not take away a hefty amount from your wallet. These are instant insurance solutions that you can benefit from by paying premiums. Also, the premium costs are low in comparison to other insurance tools.
Easy Purchase
As we have mentioned earlier, with term insurance policies being available online, a lot has been put off your shoulders. It is no longer a hassling process. You can compare and contrast various term plans and go for the one that suits you the best.
Long-term Protection
Some plans of such life insurance offer the most extended financial coverage than any other insurance tools. Selecting the right long-term plan will safeguard your dependents from any fiscal liabilities.
Convenient To Pay
The premium payments can be made quickly as per your requirements, such as a monthly or quarterly basis, or it can even be paid yearly.
Rider benefits
These insurance plans also offer you rider bonuses, which are additional benefits that you can add to your current term. Some of the standard insurance riders are:
- Premium Waiver
- Critical Illness Rider
- Accidental Death Benefit Rider
- Income Benefit Rider
- Adjusting Cover
In some plans, one can decide to increase or lower the sum assured at term maturity according to one’s financial situation while paying the premiums. Bear in mind also that denied AD&D claims are not uncommon, so make sure you read the fine print.
Disability Benefit
It would help if you considered adding the disability benefit to cover the family’s expenses if the policyholder or earning member experiences total or permanent disability.
Tax Benefits
It is one of the common reasons people invest in a term insurance plan. It offers various tax benefits on the premiums paid. However, these benefits are subject to change as per tax laws.
Conclusion
The best term insurance will provide you with efficiency of the features to serve your requirements better. A term plan will ensure complete financial security if you consider the features wisely. The online availability of these insurance policies has made these plans easily accessible without an agent’s need. It helps in weighing all the pros and cons of various policies offered by different insurance companies before buying one. We hope that the features mentioned above will help you pick the right plan.
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