Term Insurance 101: Everything you need to know

| General Insurance

Why Consider Term Insurance? Thinking about death is tough, but if you have family dependents, especially parents or future kids, term insurance ensures their financial security in case of your demise.

Cost-Efficient Security: It's a cost-efficient way to secure your family's finances. Pay a small yearly premium, and in case of your demise during the term, your family receives a lump sum amount.

When You Need It: -Your parents rely on you financially after retirement. – You have dependent kids or plan to. – Your spouse needs financial support for the current lifestyle. – You haven't created a wealth corpus for major life goals.

Right Time to Buy: Buy as early as possible; premiums are lower when you're younger. Age affects premiums, and developing lifestyle illnesses can increase costs or limit options. Choosing Duration: Consider your age, retirement age, and dependents' ages. Pick a term that ensures financial freedom when your family can sustain without you.

Coverage Amount: Aim for coverage 15 to 20 times your annual income. Factors include debts, living expenses, and future needs. Additional Protections: Explore add-ons like critical illness or disability coverage for extra protection. Read fine prints, understand terms, and consider expert advice.

Platforms like Beshak offer free consultations with insurance experts to understand policies, terms, and exclusions before making decisions. Ready to Book a Consultation?