Many people consider the premium as the deciding factor while buying a term insurance plan. While this is important, you should also consider product features, claim settlement ratio, and other parameters.
To understand why you should buy a term insurance plan, answer the following questions. If you happen to meet an uncertain and untimely death, then:
Who will pay your outstanding home loan, if any?
Who will pay your vehicle loan, personal loan, credit card dues, and other loans, if any?
Who will pay for your family’s regular monthly expenses?
Who will pay for your child’s higher education and marriage?
Who will pay for your spouse’s retirement expenses?
If you don’t have answers to one or some or all of these questions, you need to buy life insurance. Within life insurance also, a pure term insurance plan can pay for all of your above financial liabilities and financial responsibilities in your absence. A term insurance plan can provide a high life insurance cover at a l...