The only thing certain about life is that it is uncertain. Things may be going just how you planned them one minute, and the next minute you could be in a crisis you didn’t even see coming. Death, no matter how unpleasant to even think about happens to be one of life’s uncertainties. The untimely death of the breadwinner of a family can soon turn into a financial crisis for his or her family. And as far as the financial security of your loved ones is concerned, there is nothing better than term life insurance. If you are not familiar with term insurance, here is a complete guide.

What is term life insurance?

Term insurance is a policy that can be taken by a person against his or her own life. With the help of the insurance company, a specific coverage and tenure are chosen. The policyholder then starts paying regular premiums to the insurance company. And in case of the death of the insured, the insurance company pays a predecided amount to the family of the insured. And if the policyholder is still alive at the time of expiry of the tenure of term life insurance, he or she has the option to renew it. However, the premiums may have to be recalculated further. All this is done by the policyholder in an effort to ensure a financially secure and comfortable future for his or her loved ones.

There are various types of term life insurance to choose from, based on your needs and financial capability, and they are-

• Level term plans
• Increasing term plans
• Decreasing term plans
• Term insurance with return of premium
• Group term insurance plans

Term insurance riders

With some addition to the premium, you can avail the benefits of various riders. Term life insurance plans offers various riders which you can choose from. Such as.

• Accidental death benefits rider
• Accident death and disablement rider
• Critical illness rider
• Term rider
• Premium waiver rider
• Terminal illness rider

Purchasing term insurance is very easy. You can either get in touch with an insurance advisor or better yet, purchase it directly from the website of the insurance company. We all love it when we pay very little in return for something big. Term life insurance is just that, it offers your loved ones the opportunity to live their life in comfort despite your absence. Also, let us not forget the part where you get to claim tax benefits for the premiums you pay for term insurance.