With numerous life insurance protection plans available to choose from, term insurance—which is perhaps the most important one—is often neglected. A term insurance plan is the least expensive form of life cover that can provide your family with security benefits for a defined period
As American Businessman Dave Ramsey aptly said, “Term life insurance is part of a good defensive game plan.” It is an excellent way to ensure your dependents are protected in case of your untimely death. The insured sum is paid to the selected beneficiary, which would likely be a family member. Thus, your loved ones can receive a decent amount that would help them take care of your liabilities and responsibilities.
While you can select the “insured” amount depending on your needs, experts recommend deciding on an amount that you feel will be enough for your immediate dependents to survive in your absence. You can choose from multiple premium payment options such as regular payment option, limited payment option, or single payment options.
Wondering whether you should opt for term insurance? Read on to understand some of the key features of a term plan.
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