A term plan necessary :

Many individuals have a false notion that a single person does not require term insurance. Many of those who choose not to marry ever give purchasing insurance a serious thought. Their assumption is that term insurance is best suited for married men. Since marriage entails a slew of financial obligations, it is wise to purchase term insurance than traditional endowment plans. 

Even a single person needs some form of insurance. Remember, you are not purchasing insurance for yourself; you are purchasing insurance to protect your family from financial crisis. What if a sudden calamity strikes or if there is an accident, and you are the only earning member of your family? A premature death can terribly impact the family’s finances. You may have ageing parents or younger siblings who rely on you. Imagine the financial strains your family would face if something happens to you. Your ageing parents, who have recently retired may be forced to work again or your younger sibling, who may still be in college, will almost certainly be forced to work in order to meet the family’s financial obligations. 

You may have unpaid debts such as a mortgage or an education loan for a younger sibling. If you pass away before paying off these loans, your family will be responsible for them. They will also have to deal with the burden of debt repayment. To prevent putting your family through unpleasant conditions and to ensure that your liabilities do not burden them, it makes sense to purchase a term insurance policy. 

When you purchase term insurance while you are young, the companies offer higher coverage at lower premiums due to the fact that you would not have pre-existing diseases. As people age, they become susceptible to diseases thereby resulting in rise in premiums. When it comes to insurance, age and insurance are directly proportional. 

The fact that you are single now doesn’t mean you will be single forever. It always pays to plan before you take on new responsibility. You must take precautions if you are planning to start a family. Raising a child is not an easy task. It also necessitates financial investment. By purchasing a term plan at an early age, you can plan your life journey efficiently. 

A term insurance policy (a term plan necessary) is just as important for singles as it is for married couples. It helps to ensure that your family does not give up while you’re gone. It will help cover your debts and liabilities, as well as provide financial security for your dependents.

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