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What will happen to your children’s education and the loans that you have taken if something untoward happens to you? Where will your family live, how will they fulfil their daily requirements?
Life insurance offers death benefits to your dependants.
If you have life insurance and something happens to you during that term, your family will have sufficient funds to take care of your liabilities and remain self sustaining for long enough.
Term Insurance, It is the most basic form of insurance, the most inexpensive of all life insurances and offers maximum death benefits. It can be taken for a fixed duration generally up to 30 years or up to the maximum age specified by the insuring company. Term policy provides coverage till the time you maintain the insurance and ceases if you outlive the term.
While buying a term plan, it is most important to check the credibility of the insuring company. Other than that it is ideal to consider some basic points of references from different companies offering same or similar term plans:
Buying a term insurance is almost hassle free except that you might be required to undergo a medical examination to assess your health condition.