5 Reasons Why Term Insurance Plans are a Must Have

1. 5 Reasons Why Term Insurance Plans are a Must Have www.policyadvisor.in

2. What is term insurance? Term insurance is a type of life insurance policy that provides coverage for a certain period of time, or a specified "term" of years. If the insured dies during the time period specified in the policy and the policy is active - or in force - then a death benefit will be paid. www.policyadvisor.in

3. Protection plans as risk covers, only • Protection plans are cost-effective • The perfect insurance plan for all • Suitable for single bread earners  • Protects dependents from short-term liabilities www.policyadvisor.in

4. Advantages and disadvantages of term insurance www.policyadvisor.in

5. Advantages • During the early years of a term policy, the premium will usually be significantly lower than for cash value insurance. • It's simple to understand. • It may be purchased to meet a specific financial obligation, such as repayment of a loan. • Many term policies can be converted to cash value life insurance if your insurance needs change www.policyadvisor.in

6. Disadvantages • Term insurance provides coverage only for a limited period of time, although some term policies can be renewed indefinitely. • Premium rates are guaranteed only until the end of the term. Depending on the policy, premiums may be level for a period of 1, 5, 10, 15, 20, 25, or 30 years and then cease without any renewal option, or offer continual renewals at a higher premium rate. • Deteriorating health can trap you in a policy with rapidly increasing premiums. www.policyadvisor.in