Company provides Group Life Insurance
If you have a group insurance offered by your company then it’s really great but it is important to check the amount. You can also take advice of the financial advisors who will help you to know that how much insurance coverage you should have based on the current income. Many companies provide coverage, but most of the time it is not enough to provide you full coverage. In order to ensure a proper coverage of yours and your family, it is always advisable to have a term insurance plan. A term insurance plan always ensures total coverage to the policy holder.
5. The cover of a term insurance plan cannot be increased
This is one of the major myths about the term insurance plan. Well, it’s not true. In case a person opts for a plan based on the income at the age of 25 then he/she can increase the amount once they reach the age of 30 or 40 and make it big. Some of the insurance products like SBI Life eShield, Bajaj Allianz Term iSecure, Aegon Religare Life iTerm, etc. provide the option of increasing the coverage of the insurance policy. However, this will definitely cost you more but you don’t need to buy a separate term plan. Besides this, based on the current income and the needs of the family of an individual, anything else will not be able to match the insurance coverage provided by the policy.
6. Online Purchase of Tem Insurance Plan is Complicated
From a long time a large number of people have this conception that buying term insurance online is rather complicated. But in reality, it is just the opposite. Buying a term insurance plan online is the most hassle free and the easiest way of availing life insurance plan. You can just have your own policy with just a click. Moreover, it saves extra cent and time. To avail the policy online the buyer just need to fill his details on the application form and submit it on website.
Hope, we have clarified the various misconceptions you had about Term Insurance. For more details, feel free to contact us, we will be pleased to help you.