A term life insurance policy is a policy that provides financial coverage against accidents and terminal illnesses. Let’s say you had an accident and you lost your limbs, you can get financial coverage from your Term Life Insurance. Or, let's say you are diagnosed with a terminal illness, and you will get financial coverage for the illness. If you do not encounter any accidents and do not get any terminal illness, you can receive your insured amount after the maturity of your policy. Well, these are not the only benefits of term life insurance. There are two major benefits:
Saving scheme: You need to save money to improve your finances. However, if you have limited income, you might not be able to save money. In that case, term life insurance will come handy. If you buy term life insurance with 20 years maturity period, you will be paying premiums for 20 years and when the policy matures, you will receive your insured amount. You will also receive an additional bonus. You managed to save a lot of money without actually saving.
Retirement scheme: Buying a term life insurance policy is also a way to save money for old age, or build retirement funds, to be precise. If your employer does not give you retirement benefits, you can pay premiums for term life for 20-25 years and by the time you retire from your work, you will have your own retirement funds.
Saving scheme: You need to save money to improve your finances. However, if you have limited income, you might not be able to save money. In that case, term life insurance will come handy. If you buy term life insurance with 20 years maturity period, you will be paying premiums for 20 years and when the policy matures, you will receive your insured amount. You will also receive an additional bonus. You managed to save a lot of money without actually saving.
Retirement scheme: Buying a term life insurance policy is also a way to save money for old age, or build retirement funds, to be precise. If your employer does not give you retirement benefits, you can pay premiums for term life for 20-25 years and by the time you retire from your work, you will have your own retirement funds.
