If you give any of the mention excuses, you might be inviting a trouble in yours and your loved one's life. Read and take a smart decision of buying a term plan to create a shield around you and your family
Broadly speaking, there are only two types of life insurance policies – ones that offer only a death benefit (Term insurance) and others that offer death + maturity or investment benefit (e.g. Endowment Plans or Unit Liked Insurance Plans).
Term life insurance has certain advantages and also some limitations when compared to other types of life insurance. Let us examine these in detail to understand in what kind of situations you should consider buying term.