Term Insurance 334 views August 14, 2020

The cases of the new patients for the COVID 19 disease are increasing day by day. On the other hand, it is contagious and a lot of people have lost their lives due to this virus. So, if you really care for your loved ones then you must buy term insurance during COVID 19 Pandemic. Everyone knows that life is uncertain if by any chance you get affected by this disease then your family has to face the consequences. Therefore, the term insurance plan will help you to protect the financial needs of your family when you are not with them. Let’s explore the benefits of buying a term insurance plan during this pandemic.

Term Insurance

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Reasons for Buying a Term Plan During Coronavirus Pandemic

There are a lot of convincing factors that might give you a second thought for taking a term plan in this pandemic. You must go through all the reasons for buying the plan.

  1. High Sum Assured
  2. Deaths due to COVID 19
  3. Low Premiums
  4. Security to Family
  5. Fast Claim Settlement
  6. Long Term Security
  7. Life Cover

High Sum Assured

The term insurance plans usually have a high sum assured in comparison with the health plan and investment plans. On the other hand, in case of the unfortunate death of the insured during the policy term due to any reason, the nominee is entitled to receive the sum assured. Usually, most of the individuals make their family members as the insurance nominee.

Deaths due to COVID 19

Everyone knows that with the increase in the new COVID 19 cases the numbers of deaths are also increasing. So, if you really care for your family then you must take a term plan because it is not appropriate to think that your body will definitely survive the COVID 19 disease. There are some chances that individuals might die due to this disease so you have to be prepared for the future.

Low Premiums

The term insurance plans have low premiums and they give you a high cover that is a high sum assured. So, you will just have to invest a small part of your income in these plans and can give a high cover to your family. It is advisable to buy a term insurance plan during this pandemic.

Security to Family

The term insurance plan gives financial security to your family after your death. So, if in case you get affected due to the COVID 19 disease and you die then your family will receive the full amount of the Sum Assured. This sum of money can be helpful for your family to continue their life happily when you are not with them.

Fast Claim Settlement

Most of the insurance companies that sell term insurance plans have fast claim settlements. On the other hand, they will give you a cashless settlement option so that you will not have to get into direct contact with the person. It will help you to maintain social distancing and your claims will be settled quickly.

Long Term Security

Usually, most of the term insurance plans have a term period of 10 years or more. So, if anything happens to you during the policy term then the company will pay the amount of the sum assured to your family. You can even take a term plan for a policy term of up to 30 years. There are some insurance companies that offer a term insurance plan between the policy term ranges of 10 years to 30 years.

Life Cover

You will get a life cover in the term policy throughout the policy term. So, it is the right time to take a term plan because no one knows what the time of their death is during this pandemic. On the other hand, this disease is very contagious and many individuals have lost their lives because of COVID 19. If you are the only earning member of the family then you must buy term insurance during COVID 19 Pandemic.

Conclusion

There are a lot of reasons to buy a term plan during this Coronavirus pandemic. Now, you have to decide whether you really care for your family because the premiums of the term insurance plans are very nominal. You must think for your loved ones that if anything happens to you during this pandemic then how they will survive in the future. Just think once and then decide whether it is a good move to take a term insurance plan during the pandemic or not.

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