WhoO should Buy a Term Plan?Who should Buy a Term Plan?Who should Buy a Term Plan?Who should Buy a Term Plan?Who should Buy a Term Plan?

Who should Buy a Term Plan?

Ideally, everyone should buy a term plan. However, if you are the sole breadwinner or are contributing to the family's income, then you must purchase a term plan. Nevertheless, the below mentioned people should definitely buy a term plan:

• If you are financially independent and wish to provide financial security for your family
• If you are the sole breadwinner in the family
• If you have dependents – parents, spouse, etc.
• If you are a single person who is planning to start a family
• If you are running a business or a startup
• If you have children and wish to secure their future even in case of your absence

Anyone and everyone one who does want to see their loved ones struggle to maintain their standard of living after the loss of the earning family member must buy a Term Insurance Plan. It is most apt for people falling under the below mentioned profiles.

Bank Loans or any Outstanding Liabilities

So, you have already built up a big mountain of housing loan, car loan, business loan and a mortgaged property too. Little did you know how your beloved family would cope-up with these outstanding debts that you have left and gone forever?

Income Gap

Imagine you are the sole earner of your beloved family and some unforeseen situation arises. How would the income be replaced due to loss of regular income? How would this gap be met? Therefore, compare term insurance quotes online for different insurers to get a better idea of the sum assured. This will help you in maintaining the current lifestyle of your family members in your absence.