Father’s Day 2024: Why should term life insurance be every dad’s priority?
Also Read: 6 crucial ways term insurance can help working moms in financial planningA personal term insurance plan provides comprehensive financial security. Unlike company coverage, which is tied to one’s employment period, term plans can be customised to offer high sums assured for as long as 99 years.
Purchasing these plans early ensures protection against various life risks at significantly low premiums, with some term policies offering a 1 crore sum assured for monthly premiums that cost less than a restaurant meal. Features like waiver of premium benefit provide further support in case of specified critical or accidental total permanent disability, ensuring a stress-free life for the family.
Also Read: Term Life Insurance: Why should you not buy a return-of-premium option?Riders or add-on coverage enhance the protection offered by term insurance.
Couples can opt to include each other in their term plans, extending protection and customising coverage enhancements. These include coverage against death, critical and terminal illnesses, with as many as 50 listed illnesses including cancer and heart ailments.
An added benefit is the ability to choose the return of premium option, under which all paid premiums are returned to the policyholder upon survival until maturity. In the unfortunate scenario where one of the parents is diagnosed with a critical illness, all future premiums are waived.
If the term insurance includes a critical illness rider, an accelerated critical illness benefit (if term insurance with critical illness rider taken) amounting to 25% of the sum assured is paid immediately to support further treatment. Thus, policyholders can financially secure their family in case of loss of pay while benefiting
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