Husband or wife who should take term insurance plan and how much
By Lokmat English Desk | Published: August 6, 2023 05:00 PM2023-08-06T17:00:30+5:302023-08-06T17:00:30+5:30
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In today's fast paced life, people understand the importance of life insurance along with food, clothing and home and during the crisis of Corona epidemic in the country, it seems that everyone has realized its importance. If you consult a financial advisor about insurance.
Apart from other insurance policies, term insurance is very important nowadays, as it will provide financial security to the family even in your absence. Although, there is no refund after taking this insurance, but despite this, let's understand how important it is.
People who are planning to take insurance. They choose a policy for themselves, which has risk cover, along with returns. People consider a refundable policy as life insurance, but in real sense only a term plan can be called a life insurance policy.
While buying insurance and taking a term plan, many questions arise in the mind of many people. The reason for this is simply that, this scheme does not give you returns. If we say that both husband and wife run the business in the family, then who should take the term plan? By the way, in the job
After that the employed member is advised to take the term plan. For example, if the husband is employed and the wife is a housewife, then the husband should take out term insurance for himself, as he stays outside the home for work. One has to go from one place to another.
There are other criteria for choosing to take a term plan between husband or wife, based on which you can choose the insured. For example, the one who is earning in the house, i.e. the one who bears the entire burden of the family, must compulsorily take a term plan for himself.
In simple words, taking a term plan before buying a house or a vehicle is a wise deal.
Insurance experts believe that the shorter the term plan, the better. The advantage is that, depending on the age, you get a cheaper plan and after taking a term insurance plan, there is no change in the premium till the policy expires.
While buying insurance, remember not to take a short term plan to save on premium. Generally you can take a term plan for a period of 5, 10, 10, 30 or 40 years. Do not hide any information from him while buying term policy.
Some people hide their medical history while buying a plan. Fearing that his policy may be interrupted or he may not have to pay more premium. This would be incorrect and would be a problem at the time of the claim. Keep your eyes and ears open while taking a term plan.
This is how you can save money while buying a term plan, by keeping a few things in mind you can save a lot. The first thing you should do is buy a term insurance plan online directly from the insurance provider. By this you save brokerage or broker's commission.