5 Questions To Ask Before Buying A Term Insurance Plan

 


The uncertain times of COVID-19 have not only sent waves of panic in the entire world but have also acted as a reminder that many of us, most of the times, risk being financially unprepared to deal with a catastrophe. We can however avert unwanted outcomes by buying a term insurance and to use it as a safety net against different unforeseen circumstances. Buying a term insurance plan is also a great and affordable way to be sufficiently covered since this insurance can provide substantial life protection at an economical cost. A term insurance stands to be a basic policy that is limited to providing complete protection with no investment or savings element. On the other hand, a whole life insurance plan can come with cash value.

  • Questions to ask when buying term insurance:

Before you make up your mind to buy term insurance, make sure you ask these questions. Let’s take a look at what these questions are.

  1. What is the tenure of the cover?

It is imperative to ensure that the term insurance plan that you are buying covers the period for which these funds are needed by the dependants or for the time when you are supposed to pay the outstanding for a loan. Ask your term insurance provider what is the length of time for which the term insurance provides coverage so as to avoid paying premiums for insurance you no longer need.


READ MORE : 5 Questions To Ask Before Buying A Term Insurance Plan.

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