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DC Estate Planning Attorneys
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2010-12-22, 06:00:43 return
How Term Insurance Is Better Than Life Insurance
A question asked often by many people is "What is term insurance?" Consumers often find themselves at crossroads when buying insurance. Term insurance is a life insurance policy that provides coverage for a certain period of time. It provides guaranteed benefits depending on how many years the policy lasts. It can easily be extended and thus proves to be inexpensive and convenient.Term insurance pays a predetermined sum if the insured meets his demise during the period when their term plan is active. Based on the face value of the policy the amount is then transferred to the beneficiary. The advantage with term insurance is that it tends to pay a much larger cover for a minimal premium as compared to other types of insurance.There are various types of life term insurance policies available in India. The duration of each term plan may vary from ten to 30 years. Today the best insurance plans can be bought easily with online term plans or an online term policy since they are widely available on the internet by various life insurance companies like ICICI Prudential, Aegon religare and Kotak life.Earlier, people often choose to invest in ULIPs instead of term insurance as they offer life insurance as well as an investment option like mutual funds. However due to the recent market trends ULIPs don't offer as good returns as compared to a few years back.The main objective for any life insurance policy should be to ensure that after the unfortunate circumstances of the insurer their families get a large sum assured and the payout of the life insurance is much larger than the amount invested. This is only possible through term plan and not with ULIPs as there returns totally depend on the market variation during that time.
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