Term insurance is also known as term assurance plan that gives coverage for a particular time of period. In this period, the insured person can drop and can renew his policy. If the policy holder dies in this period, his nominee will get the death benefit. This insurance plan is the original form of life insurance and generally it is called true life insurance plan. The main purpose of this policy is to provide full coverage of financial responsibilities for instance, college education, dependent care, funeral costs, mortgages and many more. These life insurance plans are much cheaper than other cash value policies such as Universal, whole life insurance and many more.
Term Life Insurance plan brings lots of benefits for its hi-end customers. Some of them are there:-
Pros Of Term Life Insurance Plan:-
In this insurance policy, an individual can choose the length of the protection whichever you need from one to ten years or more. This plan is beneficial for those people who want to pay lesser premium and get higher premium. It also covers loan, if you have taken. For example, if you have taken too much loans and if you die in this particular time, your dependents can pay the money of loans. This is very affordable insurance plan because one can easily pay its Insurance premium. An individual can pay low premium monthly that is based on the term length and amount of coverage which you choose. This plan is best for the short term requirements such as children’s education, marriage and many more.
Cons Of Term Life Insurance Plan:-
If an individual purchases this insurance plan in an early age, he needs not to pay high premium for that. In other words, as you grow older, you will have to pay high premium on insurance policy. On the maturity of the policy, you will not get any sum assured and bonus. Other disadvantage is that it does not offer cash value or paid-up insurance.
By concluding, Term life insurance can be afforded by anybody because it requires low premium. In this plan, if a person dies unfortunately, his dependents will get the amount and by this, they can reduce their financial problems.
Term Life Insurance plan brings lots of benefits for its hi-end customers. Some of them are there:-
Pros Of Term Life Insurance Plan:-
In this insurance policy, an individual can choose the length of the protection whichever you need from one to ten years or more. This plan is beneficial for those people who want to pay lesser premium and get higher premium. It also covers loan, if you have taken. For example, if you have taken too much loans and if you die in this particular time, your dependents can pay the money of loans. This is very affordable insurance plan because one can easily pay its Insurance premium. An individual can pay low premium monthly that is based on the term length and amount of coverage which you choose. This plan is best for the short term requirements such as children’s education, marriage and many more.
Cons Of Term Life Insurance Plan:-
If an individual purchases this insurance plan in an early age, he needs not to pay high premium for that. In other words, as you grow older, you will have to pay high premium on insurance policy. On the maturity of the policy, you will not get any sum assured and bonus. Other disadvantage is that it does not offer cash value or paid-up insurance.
By concluding, Term life insurance can be afforded by anybody because it requires low premium. In this plan, if a person dies unfortunately, his dependents will get the amount and by this, they can reduce their financial problems.
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