This is because once a policy is purchased, the premiums stay the same throughout an individual’s life. Such individuals should buy term insurance now rather than wait. However this is likely to change in the future as they get married or support their parents/relatives. Many of them are not yet married and have no financial dependents. Young professionals are just starting their careers. Not only this, but some term insurance plans also come with the added benefit of a critical illness^ rider that provides a payout if you are diagnosed with a serious illness like breast or cervical cancer. The term insurance cover amount also helps to take care of any outstanding liabilities like home loan, auto loan, education loan, and more. It ensures that your family does not have to compromise on their lifestyle and can continue with the goals you set for them. A Term Insurance plan assures that your parents/spouse/children are financially secured even in your absence. This dependency brings with it the need to financially secure your loved ones in case something happens to you. Today, a family is as dependent on the woman’s income as it is on the man’s. The women of today are on an equal footing with men, whether it be managing their finances or providing for their family. A term insurance policy assures the spouse of financial support in case of a mishap with the insured person and should be purchased as soon as possible by married couples. This gift will give your spouse more than momentary joy, and it will secure their future.
Best term life insurance rates movie#
Roses, chocolates and movie tickets are great, but here’s a truly long-lasting gift for your spouse – term insurance. This policy will pay out a lump sum and/or income to satisfy their children’s expenses, in the event of any mishap of the parent(s). Parents must ensure that this scenario does not come to pass, by purchasing a term insurance policy. An unfortunate event with a parent can jeopardise their future and deprive children of life’s opportunities. The needs of children extend from school fees and living expenses to hefty university fees, later on in life. Parents are generally the sole source of financial support for their children. The three significant benefits are – life protection, tax-saving and affordable premiums.
Hence, individuals who derive any of the three significant benefits associated with term insurance should consider buying such policies. Term Insurance also has among the lowest premiums compared to the different types of insurance policies. The amount (maturity value) received under a term insurance plan is also tax-exempt subject to conditions under Section 10(10D) ^^ of the Income Tax Act, 1961 ^^. Life insurance premiums paid are deductible from taxable income under Section 80C ^^ and hence carry a double benefit for taxpayers – protection and tax-saving.
This includes married couples, parents, business people and self-employed, SIP investors, young professionals with dependent parents, and in some cases, even retirees. Anyone with financial dependents should buy a Term Insurance Policy.
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