If you have dependents, you must have term insurance in your financial portfolio. Terms plans are not restricted to people who are in their early 20s or 30s but cater to the protection needs of all. Term plan provides benefits the individual's family only on the death of the policyholder. This means that these plans are pure insurance product. However, there are some plans which provide return of premium but that should not be considered as an investment because you are not earning any return from it. Therefore, if you are buying a term plan it simply means that you are protecting your family from the occurrence of any uncertain future events.
There are a plethora of term insurance plans in the current financial marketplace. One need to choose the best plan for themselves to provide their family overall protection as per one’s need. However, these pure term insurance are often featured with so many other advantages that it becomes difficult for the consumer to decide the product that is best suited.
Let’s take a look at some key points to consider before purchasing a term plan.
