Excuses in life, not only harm you but the other person as well. The damage is more if you make excuses for avoiding important things, like buying a term insurance plan.
Life is uncertain, and term insurance is the perfect tool to manage the uncertainty. A term insurance plan can take care of your family’s needs and goals, if something unfortunate happens to you.
However, by citing excuses like I am too young or have no dependents, it is easy to avoid buying a term insurance plan. Here are six excuses for not being insured and the truth behind each of them. Make sure you are not guilty of making any of them!
I am young and healthy.
Truth: You eat right, you always stay active, and you pass your last physical test with flying colours. That’s great! But, lets face it, you are not immortal. In fact, when you are young and healthy, it is the best time to buy a term insurance plan to safeguard your loved ones in your absence. Your good health will help you get lower premium rates. As you age, your premium rates will also increase.
My Tax saving investments for this year are done.
Truth: Though term insurance comes with an added benefit of tax saving, there are other benefits of a term insurance plan which are more important than just saving tax. The primary reason for buying a term insurance plan should be to secure your family financially against life’s uncertainties. Consider tax saving only as the perk and not a sole motive of buying a term insurance plan.
I am single with no dependents.
Truth: You may be single and do not have dependents, but you should buy term insurance because:
You have financial liabilities: Your parents might have taken an educational loan for your higher studies and you would have planned on repaying it after securing your first job. Similarly, if you plan on taking a car loan or personal loan while working, it is only logical to go for a term insurance to ensure that these financial liabilities are taken care of, in case something were to happen to you.
You will be secured for the entire life term: Life insurance policy, PNB Metlife Mera Term Plan offers coverage till the age of 99 years, thus covering your entire life.
It covers your health too: There are term insurance plans that give protection against critical illnesses, like cancer, heart attack. In case you are diagnosed with a critical ailment, the insurer will make a payout to meet both medical and household expenses.
I can’t afford term insurance right now.
Truth: Term insurance plans are economical with respect to the coverage they provide. The premium rates drop further if you buy it online. As there is no agent involved, the insurance company saves on the commission, which they happily pass on to insurance applicants in the form of low premium rates.
My corporate life insurance cover is sufficient.
Truth: Having corporate term insurance is a great thing, but it is a temporary coverage. If you leave a company, your employer’s cover will end. Also, corporate term insurance offers only limited cover to employees. Hence, it may not be sufficient to cover your current liabilities. It is advised to go with an individual term insurance policy that remains unaffected by your job status.
It is too complicated to choose the right policy.
Truth: Term insurance plans are the simplest form of life insurance. As they do not have maturity value, you don’t have to keep track of how much money will go into risk coverage and how much would be returned. It’s a death benefit policy where your nominee receives the entire sum assured at the time of your death. Term insurance is simple to understand— pay insurance premiums and cover your life for the term chosen.
Take the Right Decision
Term insurance is not for you, but for your family. You never know what will happen tomorrow, so you should not wait long to get the right insurance coverage that your family deserves.