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Myths about term insurance plans that you should not believe

3:15 AM Parvesh Bravo 0 Comments

We often go through a lot of denial, confusion and hesitation when we plan of buying a term insurance plan. Simply because, it’s not really an easy topic to think about! Imagine if you were to leave this world, leaving behind your beloved family in an emotional and financial crunch! While you may think of buying a term plan to secure your family financially, it is important that you detach facts from the myths.


Myths about Term Insurance You Should Not Believe
To begin with, let’s have a look at some of the important myths that may transform your outlook and force you to make a firm decision for buying a term plan.
Myth1#
I am happily single and don’t require term insurance
Hey, you might be feeling lucky and happy looking at your married friends. But that doesn’t mean that you could be luckier throughout your life for any financial emergencies! A term insurance plan would take care of your outstanding personal loans, housing loan, auto loans and other financial liabilities.
So, buck up your laces, before it’s too late!
Myth2#
I find term insurance too expensive
Tsk tsk. Your thinking is absolutely WRONG! Term insurance premiums are pretty affordable. So much so that a person drawing an average salary can also afford buying. You can certainly start with a basic term insurance plan that suits your budget and then go for riders that would enhance your basic plan by providing extra coverage.
So, STOP misjudging and buy a term insurance plan TODAY!
Myth3#
I do not work and I draw no income
Being a stay-at-home parent is good. You can give all the possible attention to your children when it comes to studies and other parental attention. Though you may not bring in any funds back home, you definitely give a lot to all the family members by your love and care. Household expenses, child care, home maintenance, cooking, etc. can be well taken care if you were to pass away, but only by making provisions like buying a term insurance plan.
So, don’t coax yourself from being a stay-at-home parent. Buy a term plan to secure your child’s welfare and your household expenses today!
Myth4#
My company has made provisions for my term insurance already. So I don’t need to buy one!
Wow, your employer has really made a good gesture by covering with a term insurance plan! But, do you know this term plan offered to you is not portable. Besides, when you leave the organization, your coverage comes to end. Buying an individual term plan would be a wise decision. You get a better personalized cover that would solve your financial requirements.
So, STOP depending on your employer and buy an individual term insurance TODAY!
Myth5#
Insurance companies would find excuses to settle my claims
IRDAI always keenly observes the number of claims registered. This governing body ensures smooth settlement of genuine claims. But, in some cases, if the insurance company rejects your claim, you can file an appeal with the IRDAI.
So, don’t overthink about the claims getting rejected. Keep a close watch on the claim settlement ratio of the insurer you wish to opt for.
Myth6#
I have enough savings. So, I don’t need a term insurance plan.
Good that you have enough savings to last through your retirement life. But, what after that? Imagine the expenses your spouse or your children would have to bear in your absence. Say for instance, expenses on your mortgaged property or funeral expenses etc.
So, remember if you had to clear the mortgage amount before your death, your family would still be able to lead a tension-free life.
Myth7#
I find term insurance too complicated
WRONG! Term insurance is too simple since they do not hold any cash value. So, you don’t have to break your head in analyzing how much goes into risk and loan repayments. You can buy term insurance online. All you need to have is a login id of the insurer’s website.
Buying stuff online has made life much easier. So, while you buy clothes and shoes online, give it a try to buy term insurance online too!
Myth8#
My money is an utter waste in case I outlive my policy term
Term insurance are traditional insurance plans. While they take care of your financial liabilities in your absence, they also provide a sense of relief to your family members. This itself is a BIG return you could ever ask for!
So, don’t overthink and invest in a term insurance  plan TODAY.

Conclusion
Term insurance provides you a sense of relief and a peace of mind while you are away. Stop believing in MYTHS that makes no sense to believe in. Let the myths remain myths, while you take a step forward to believe in the FACTS!

Read more:
How Can I Select the Best Term Insurance Plan?
How to select the best Term Insurance quotes

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