Today, the life insurance industry offers an array of insurance policies. There is an insurance policy for every possible threat to the financial well being of your family, which is indeed a good thing. Term life insurance is one such kind of insurance plan that is available. Read on to find out what a term insurance plan can do for you and learn about a few tips on how to zero in on the best term insurance policy.
Let’s take a look.
A term insurance plan is simple and comprehensive life insurance policy. However, it is important to note that under a plain vanilla term plan the insurer pays out the sum assured only in case of death of the insured. A variant to this policy is where you get the entire premium even if you survive the policy term. The later is generally expensive as compared to the earlier one. Here’s a look at the various types of term insurance plans –
We hope now you have a clear idea of what a term insurance policy is. Now let’s take a look at a few of the most important things you should consider so that you buy the best term insurance policy.
The best term insurance plan is the one that best suits your individual needs. There is no cookie cutter approach to selecting a life insurance plan. However, keeping some of the above points in mind will help you make an informed decision.