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Why Term Insurance Is a Must for Parents?

The transition of a couple from husband and wife to father and mother exponentially increases their financial responsibilities.

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The transition of a couple from husband and wife to father and mother exponentially increases their financial responsibilities. This is because they would need to provide for their child's many needs, including healthcare, education, lifestyle, career, and so on.

Planning your child's future

There are several ways to plan for your child's financial security. Mutual funds, Public Providence Fund (PPF), shares, bullion and real estate are some of the avenues you can consider. However, these are all self-funded and warrant regular and long-term investments.

Why life insurance for your child's future?

Life insurance is a safety net. It is the plan B. While all of us would plan and aspire to be around to see our children grow up and even grow old, we know that life is full of uncertainties. Even in your absence, a life insurance policy can extend the financial support needed to meet the various financial requirements at different stages of your child’s life.

Why term plans?

Term plans are the simplest to understand and economical to buy. They offer a high life cover in general for a relatively smaller premium. In addition, you can opt for riders for additional benefits which are available on payment of additional premium. As a parent, term plans provide you peace of mind because you are certain that in case you are no longer there, your family’s financial needs can be protected with the Term Plan cover.

Types of Term Plans

Apart from a base life cover, you can also choose from options like life cover + monthly income and life cover + increasing monthly income as well. These are new-age term plans that also provide a monthly income for your family’s living expenses apart from the lump sum cover.

You can start by reading about the Max Life Online Term Plan Plus, which is a popular online term insurance plan.

Max Life Online Term Plan Plus. A Non-participating, Non-Linked, Term Insurance Plan (UIN - 104N092V03)

ARN:16052019/KC5

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