Term Insurance: Do not pay attention to these 5 myths, definitely buy this policy. Term Insurance Do not pay attention to these 5 myths definitely buy this policy

Term Insurance : Buying the right term insurance is the best way to protect your loved ones from uncertainties. It is the most cost-effective way of securing family members. The premium on term plans is very low, while the sum assured is very high. It can get you insurance of up to Rs 1 crore for less money. However, many people are still reluctant to invest in term insurance plans and keep avoiding such plans because of the myths associated with term plans. Here we will give you information about 5 such myths, which you should avoid.

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Term insurance is expensive
This fallacy is debunked again and again. Term plans offer high coverage amount at a low cost. However, the premium amount depends on several factors, such as the age of the life assured, policy term, sum assured, premium paying term, etc. Also, other benefits added to the term plan can also affect your premium.

Term insurance does not provide any benefit
Another myth about term insurance is that it does not provide any benefit other than death benefit coverage. With a term insurance plan, you can get optional coverage for critical illnesses or accidental death. Also, you are covered for a longer period while the premiums are affordable.

Only senior people need term insurance
Experts say that this is not true. Every person who has one or more dependents needs a term plan for financial security of their loved ones in case of their untimely death. Term insurance is basically for every earning member of the family.

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Term insurance should be taken till the age of 100 years
it’s not like that at all. The purpose of term insurance is to protect your dependents. This means that as long as your family is dependent on you for financial needs, you need term insurance. Generally term insurance should be taken till the age of 65 years or maximum till 75 years.

You do not need term insurance if you have life insurance from the company
Many people believe that the life insurance provided by their company is sufficient and they do not need additional coverage. However, it is also important to have your own term policy, as it covers the death of the policyholder before the term specified in the policy document.