Building a family cannot be an easy process, being single is different but when you start a family your share of responsibilities increase. Since quite few years you would have acquired wealth and have your share of investments and assets; all this requires loads of hard work, time and energy. Take a minute and ponder what would be the situation of your family once they removed you out of the picture? All the wealth that you have would not suffice a family of four after say ten years. With the increase in inflation, all your savings would come to a standstill.
If the unfortunate accident of your loved one will leave you in a state of misery then you have to plan accordingly to ensure a safer future for your family. The market is flooded with many policies that one can benefit from, however the best part about term insurance is that it is for a shorter period of time. This policy will suffice your needs and protect your family from debts once you were gone.
A simple instance is any priced commodity say home or car costs you money, and instead of paying it from your earnings many take a loan instead. If your spouse were to die in an accident, then the dependent i.e. you can pay off the bill by the due date. These installments need to be paid over a couple of years no matter what the situation of your home. Life is all about leaving memories that your family will cherish you by, so leaving them a legacy of debts will only cause stress to your loved ones.
We are accustomed to a way of living, and to change the lifestyle due to the lack of finances and proper planning can be shattering emotionally to smaller kids. , if you have children or if your spouse does not work, term life insurance can protect your family ‘s finances by providing money for college and living expenses if you die before your children are standing on their feet.
The duration of the term is entirely person dependent; you can opt for a shorter term if you have no responsibilities from your kid’s side. Renew each policy term annually, life is so unpredictable we cannot say what could happen to us in the next moment. Hence if you have any major life changing events then you can choose a longer term accordingly as per the need of the hour.