What are the merits of Term Life Insurance Plan?

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A term life insurance plan is everyone’s necessity since it possesses a great significance. It is a kind of insurance plan that is taken for a particular period known as plan term. During it, if the life of the insured ends, the amount is paid. And the sum assured is equal to the amount of cover which selected at the time of purchasing the policy.

The advantage of the plan is that it is payable only when the person insured dies. And if the plan finishes the determined term and the insured is alive, the plan attains the maturity. And on the situation, no benefit is paid to insured (as he is alive).

It is a sort of complete protection insurance plan that offers coverage against the risk of death. Any kind of other risk till maturity is not considered and no benefits are paid out.

It is the only kind of insurance plan which is designed to meet the protective purposes. It offers two benefits:

  • High Assured Amount:

The maximum amount to be assured under a term insurance plan is infinity. If you qualify under the norms and regulations of the organization, you can avail really high level of amount assured.

A term plan would allow you to get the coverage of Rs 50 Lakh to Rs 5 Crore. It defines the corpus needed for meeting the family’s expenditure, and therefore helps you to select the right amount of the assured. There is no maximum limit curtailing your choice, subject to financial capacity.

  • Low Premiums:

If you’re scared off selecting a high level of sum assured in the thought of paying exorbitant premiums, just relax!  A term life insurance plan is the most affordable form of insurance present in the market today. The premiums charged are extremely low and easy on the pockets. No other plan of coverage promises such low rates of premiums.

As the premiums are minimal, the plan is considered as the best investment option for buying the peace of mind regarding the security of financial future. Also, there are some insurance companies which are offering return of premium term plans that promise a maturity benefit.

The term plans are sold by insurance brokers, agent or some offer you direct through online medium eliminating the middleman. These term plans can be purchased through the website of an insurance company. The premiums are lower when the middle men are removed. Both the purchase and premium payments can be done online leading to a hassle free insurance buying.

In short, the term life insurance plan takes a complete care of the financial stability of the family after the demise of the breadwinner (an insured person). Affordable Life USA has been known for offering the best insurance covers to the seniors across the nation for over 25 years. They are the best in comparing premiums to AARP life insurance rates. They help in conducting the right search while offering a comprehensive AARP life insurance review.

Read also: Reasons to Take out One Day Car Insurance

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