12 Tips to Choose the Best Term Insurance Plan

Top 12 Tips on Choosing Term Insurance Plan

Who Needs a Term Insurance Plan?

FAQs About Choosing the Best Term Insurance Plan:

Why is it important to choose a term insurance plan carefully? up-arrow

Insurance is a crucial part of financial planning as it provides monetary assistance in case of emergencies. Also, there are a variety of plans available in the market. Hence, it becomes important to ensure that you select the most appropriate among them to increase your benefits.

Can you purchase two life insurance policies? up-arrow

Yes, you can easily purchase more than one term insurance policies. However, you should read the terms and conditions of each  very carefully before proceeding with your purchase.

What is the maximum and minimum age for purchasing a term insurance policy? up-arrow

The maximum age for purchasing a term insurance policy is 65 years. Conversely, the minimum age for the same is 18 years. However, this might vary among insurers.

When should you avoid purchasing a term insurance policy? up-arrow

You do not need to purchase a term insurance policy under the following scenarios:

  • In case you do not have any dependents.
  • With the intention of getting tax benefits on premiums.
  • You have substantial assets for financial coverage during tough times.