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Articles 6149 views March 12, 2020
Term Life Insurance policy is one of the simplest and purest forms of life insurance. It is designed to provide financial cover to loved ones in the event of an untimely demise of the insured. The policy offers death protection by paying a certain fixed premium amount for a specific policy tenure. This death benefit received by the beneficiary can be helpful to cover the future upcoming financial needs. However, buying the best term insurance plan needs an educated choice which can be derived by understanding the pros and cons of term insurance.
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Term life insurance plan as we know offer life coverage and protection to the insured. Apart from these advantages, the term insurance has the following additional strong features:
No doubt the cheaper premiums of Term Insurance policy are one of the most tempting reasons to buy life term insurance, but as the famous saying says every coin has two sides. So, it is important to weigh the drawbacks before purchasing the term life insurance plan. The cons of term life insurance plan are as under:
Term Life Insurance Plan is one of the best life insurance products for most people. The main motive of the term insurance plan is to provide coverage during the years when an insured has the most financial liabilities. The plan is ideal for individuals who want to cover themselves and their families from financial responsibilities like education loans, housing loans, etc. Additionally, it is the cheapest and simplest life insurance plan available in the market.