These days, with the many complexities of life bogging down individuals and families, more and more people are gravitating towards the best term insurance plans on their list of term insurance plans. This is true for most people looking to getting a lump sum death benefit amount for the beneficiary named by them after their death or critical illness (as applicable). Even though no death benefit is payable if you manage to outlive the term of the plan, it still pays to buy the best term insurance plan online because of the many benefits it provides. Take a look.
Low-Cost, Pocket-Friendly Insurance Plans
A best term insurance plan is obviously the one that provides the best coverage at the lowest possible premium costs. Here’s a quick rundown of some of the key features and benefits of the best term plans available in the market space. It is very essential to keep these facts in mind as you go about the purchase of an appropriate term insurance policy to take care of the finances of your family in the future when you are not around anymore. Insurance aggregator and comparison sites like Coverfox.com will help you get low-cost, pocket-friendly plans without any fuss or ado.
Facts about the Best Insurance Plans
1. Figure out the Lump Sum Benefits
In the case of the best term insurance plan available in the marketplace, you can expect your beneficiary to receive an appropriate lump sum amount that is payable at a single go in the event of your death. The amount receivable should appropriately be 15 to 20 times over your current yearly income that will come in handy during troubled times. The amount thus received as death benefit should be enough for taking care of immediate and certain long-term liabilities or expenditures that your family will incur when you are no more.
2 Income Benefits have to be Lucrative
There are several add-ons and riders that can help you get the most out of the term insurance policy purchased by you, albeit by paying an additional premium. For instance, you may prefer to choose an option wherein the insurance plan would offer benefits in the form of monthly instalments to take care of your family’s day-to-day needs after your death. This option for the disbursal mode of death benefits has to be selected right at the time of purchase. Remember, the monthly payments are generally payable from the very first month after your demise. Do plan accordingly.
3. Go for Lower Premiums
In order to get the most benefits from the best term insurance plan online, you must time the purchase of your term plan earlier on in life. By going for the purchase of a term insurance policy when you have just started with a permanent job, or when you are in the prime of your health, you will not find it difficult to pay the premium amount to get the best coverage later on. Younger people showcase lower risks for insurance providers and need not pay very heavy premiums to get the coverage they need. Moreover, by buying term insurance early on in life, you also avail the option of freezing a much lower premium amount throughout the tenure of your policy – just go for it.
4. Comprehensive Coverage
By choosing to buy the best term insurance plan online, you stand a chance to get discounts on the premium amount for extensive protection. For example, you can get policy coverage that may extend to over 2000 per cent of the yearly salary that you receive today or during the time of purchase. If you are looking for more lucrative benefits, then it pays to know that the premium payable may be as less as 2 per cent of the yearly salary credited to your account if you manage to compare and buy the best term insurance plan online.
Yet another plus point of paying annual premiums regularly is that they become an essential component of your tax investments under section 80C of Income Tax Act, 1961. In case you manage to make the maximum permissible tax savings, you will have extra savings for taking care of other expenses.
Buy the Best Term Insurance Plan Online
Given the many features and benefits of term plans, it is recommended that you make an estimate of the lump sum amount that your family should receive in the event of your death beforehand and purchase the best term insurance plan accordingly. Log into Coverfox.com to make a well-researched purchase, today!