Do I need Term Insurance?


It's a crucial query that requires careful reflection. Let's examine the relevance of term plans and the timing of their purchase in order to respond to this query. 

Financial decisions:

We typically only purchase items that will benefit our family and refrain from splurging on frivolous items. When buying toothpaste or a car, we employ a yardstick of utility, product quality, etc. Therefore, it makes sense that when we spend or invest money, we give careful consideration to the product's quality and financial returns. In a similar vein, we should be aware of the financial value of our human lives. You need term insurance right away if your current insurance coverage is less than the cost of a human life. 

Loss of income:

When we have cough, cold, fever or other medical issues, we take rest for a limited period. During those time it doesn’t strike us as temporary loss of income, maybe since we are getting paid. If these days of temporary income loss were to stretch then your financial planning should help your family to manage.   Adequate funds should be available for your family to manage the immediate, mid-term and long-term expenses in your absence. But if the loss of income cannot be managed then you certainly take Term Insurance now!  

Covid experience:

We often spend our money on items that will benefit our family and avoid buying things that are needless. When buying toothpaste or a car, we consider criteria such as product quality, utility, etc. The quality of the goods or the financial rewards, therefore, naturally play a significant role in our decision-making when we spend or invest money. In a same vein, we must understand the monetary value of our human lives. You need term insurance immediately if your current insurance policy doesn't cover the cost of a human life. 

Family first:

Family is always our first priority and we strive hard to give them the best that life has to offer. Family’s financial needs of child education, retirement for self and spouse as well as for exotic holiday etc. are planned keeping in mind we are there! But what if we are not? Therefore, calculate the cost of immediate as well as future financial goals and also protect your family’s financial goals with term insurance cover now!

As discussed above are only a few examples of why you need Term Insurance. You have a choice to be prepared for future uncertainties or to leave things for a chance.

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