Why Term Insurance is Essential for Home Buyers

We all have lives that are full of dreams and aspirations and we continue to make efforts to build a life for ourselves and our family. Buying a home is one such dream and that dream home is a major financial responsibility that you must take care of over the period of years. Ever wondered what would happen to such financial liabilities in case something was to happen to you? This becomes an even bigger problem if you are the only earning member of the family. Would your family be able to pay off such big financial liabilities? Read on to understand more.

Apart from a lot of emotional efforts, building your dream home takes a lot of your hard-earned money, life savings and financial commitment. While a home loan helps you bring your dream into reality, it also puts you under a certain amount of financial burden. And, if life was to take an unfortunate turn, and you were to die an untimely death, your family would face the burden of paying off your loans. But, with a term plan, you need not worry about this. A term plan acts as a protective financial cover for your family during unfortunate times if they must face all your financial burden in your absence. With an extensive life cover provided to your nominee in case of your untimely death, a term plan not just helps take care of your loan repayments but also helps your family meet their life goals too.

Here’s why getting a term insurance plan is a must, especially if you have recently invested in a new home.

Fixed life cover benefit

Unlike other financial tools, a term plan does not rely on market fluctuations when providing your family with life cover. As this is a fixed benefit, your family need not struggle for funds to take care of your loans.

Tax benefits

Term insurance also comes with tax benefits on both premiums and life cover provided to your family.

Flexible policy tenure

A flexible policy tenure, usually ranging from 5 years to 35 years, term insurance is an ideal financial backup for your family. You can go ahead and choose the tenure you need, as per your liabilities and requirements.

Add-on covers

Term insurance also comes with an option to maximise your coverage through add-on covers. You can enhance your life cover with add-ons like critical illness benefit, automatic increase of life cover and so on.

So, if you are buying a new house and are scared about it becoming a burden on your family, in case of your absence, worry not! With term insurance plans, your family can be well-prepared to deal with financial responsibilities better!

With us, you can not only understand the product, its inclusions and exclusions better, but also calculate your investment towards the plan, by using the term insurance calculator on the platform. This plan comes with benefits like extensive life cover at affordable premium, additional critical illness cover, plan variants to choose from and so much more. Insure your family’s financial future with the plan today!