On Your Terms: How A Term Plan Helps Your Family

 

It is said that you cannot predict the future, but you can do everything in your power to lessen its impact. When the unthinkable happens, your family members can be left scrambling to gather money even for simple expenses. The absence of your income should not become a death knell for your loved ones – prevent this situation by investing in term insurance online.

Let’s list the ways in which a term insurance plan benefits your family in your absence:

• To meet household expenses. The most important expense head every month is household expenditure. It includes paying utility bills, buying groceries, travel, allotting money for incremental expenses, buying medicines and supplies, etc. These are compulsory costs that must be paid every month – and which can cause problems if there is no income to fall back on. But the term insurance policy money can pay these expenses quite comfortably.
• To pay for children’s education. Another big expense head is your children’s education. Your income finances the rising cost of education every year – but what happens when your income stops? Your savings might be able to keep the expenses going for just a few months. In your absence, your spouse may have to take tough decisions about your children’s future expenses, including choosing a different course of study that costs less. This is not necessary if you buy an online term plan to pay for your children’s education.
• To repay loans. At a time when living costs are high and inflation makes everything expensive, it becomes necessary to borrow a series of loans to buy necessary things. These loans might include home loan, personal loan, credit card loan and car loan. Your monthly salary or business income repays the EMIs on these loans, but these same loans can torment your loved ones in your absence. Creditors will come asking for the unpaid loan amount, and your family members may have to make the repayments by selling off certain assets. But if you buy the best term insurance plan and choose a high coverage amount, the policy money can repay these loans in the future.
• To finance your parents’ household. Your parents may retire in a few years, and they may have a savings fund of their own at the moment. They may even have a few investments to their name. However, living costs keep rising all the time, and their savings may not be sufficient to meet their future needs. They might even need an emergency medical procedure in the future. The benefits of your online term plan can extend to your parents as well.
• To offer spousal support. The responsibility of your household and all its members falls squarely on the shoulders of your spouse when you are absent. Your spouse may have an income, but it can become difficult for them to maintain the same lifestyle that the family is accustomed to with a single income. At such a time, the term insurance policy can provide spousal support and let them run the house comfortably.