Finance

Why Should You Buy a Term Plan During COVID-19?

The cases of COVID-19 disease are increasing by the hour. COVID-19 is contagious, and millions of people have lost their lives around the world.  Everyone knows that life is unpredictable if by any chance you get affected by this disease, then your loved ones have to face the outcome. Hence, the term insurance policy will help you to fulfil the financial needs of your family when you are absent.

Let’s see the benefits of buying a term insurance plan during this pandemic.

High Sum Assured

The term insurance plans typically have a high sum assured in comparison with the health insurance and investment plans. Whereas, in case of the unfortunate death of the policyholder during the policy term due to any reason, the nominee is qualified to receive the sum assured. Normally, most of the policyholders make their family members as their nominee.

COVID-19 deaths

The numbers of deaths due to COVID-19 are increasing as people have started going out for work. So, if you want to take care of your family, then you must buy a term plan because you never know if your body will survive the COVID-19. There are cases of individuals dying due to this disease, so you have to be prepared for the future.

Low Premiums

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

Security to Family

A term insurance plan gives financial security to your family after your demise. So, if you get affected due to the COVID-19, and you depart then your family will get the full amount of the sum assured. This sum of money can be helpful for your family to maintain their lifestyle when you are not around.

Quick Claim Settlement

Most of the insurers that sell term insurance policies have faster claim settlements than other policies. In contrast, they will give you a cashless settlement option so that you will not have to get into direct contact with the policy manager. It will allow you to maintain social distancing, and your claims will be settled instantly.

Long Term Security

Typically, most of the term insurance policies have a term duration of 10 years or more. So, if anything wrong happens to you during the policy term, then the insurance company will pay the amount of the sum assured to your nominees. You can even buy a term plan for a policy term of up to 30 years.

Life Cover

You will get a life cover in the term plan throughout the policy duration. So, it is the appropriate time to take a term policy because death is unpredictable during this pandemic. On the other hand, this disease is extremely infectious, and many people have lost their lives because of COVID-19. If you are the sole breadwinner in the family, then you must get a term insurance plan during COVID-19 pandemic.

There are a number of reasons to purchase a term policy during this Coronavirus pandemic. Now, you have to determine whether you care for your family because the premiums of the term insurance policies are very low.

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