Attention New Parents! Here's Why Term Plan Should Be Your Top Priority

By siliconindia   |   Monday, 11 March 2019, 12:29 Hrs
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Attention New Parents! Here's Why Term Plan Should Be Your Top  Priority



“A baby fills the place in your heart that you never knew was empty.” - Anonymous



Becoming a parent is a blessing in itself. It's an experience that changes your life forever. One moment you are an independent adult (who is a bit careless) and the next moment you are holding your bundle of joy in your hands, thinking, “How am I going to keep my adorable baby completely safe at all times?”



Yes, having a baby changes your priorities and gives you new responsibilities. From being 'wife and husband', you graduate to more important roles of 'loving mother and responsible father'. You spend sleepless nights when your baby cries and when your baby rolls over for the first time, your joy knows no bounds.



That said, as your baby grows, your responsibilities also increase. You need to take care of their schooling and tuition fees, lifestyle expenses and their higher education expenses. After all, you want your child to grow up one day and live the life of his/her dream.



Therefore, having an online term plan in place is an absolute must for new parents who wish to give their child the future that they truly deserve.



Term Insurance: A Must-Have For All New Parents!



As a parent, protecting your child forever will always be your priority. This is why term insurance is so important for you. In case you are no longer present to provide for your child, term insurance can offer much-needed financial security by providing an assured lump sum amount.



The money received can help take care of your child’s future needs, including their upbringing expenses. Therefore, term insurance will act as an income replacement tool and will ensure that your child’s goals of higher studies or plans for a decent marriage are not jeopardised in your absence.



How Much Coverage Do You Need?



Understand this ? Term insurance is a very personal product. As there isn’t a ‘one size fits all term plan’, the needs of every family will be different and specific. The right coverage amount will depend on factors like your health, dependents, annual income, and outstanding debt.



Today, many insurers like Future Generali offer free online term insurance calculators to help quickly figure out the coverage amount that you will need. Likewise, you can also generate results for the premium amount that you may need to pay monthly or annually.



Term Insurance Costs Less Than You Think



You may think that you can’t afford term insurance, especially, when you are already grappling with the new expenses after your baby’s arrival. But the truth is, online term plans are a lot more affordable than you can realize. Additionally, if you buy your policy when you are healthy and young, you can easily lock in low premium rates.



For instance, a healthy 30-year-old individual could get a 1 crore term plan (30-year tenure) for about 680 per month. Thus, for the price much less than what you spend on your weekend dinners, you can potentially protect your family with substantial coverage.



All responsible parents, therefore, must consider buying a term plan to protect the financial future of their children.



Tips for Purchasing an Online Term Plan




  • Gauge your financial situation before deciding on the coverage amount


  • Decide on the coverage amount which is at least 10 to 15 times your annual income


  • Compare different term plans online to determine which plan offers the most benefits


  • Consider adding riders like ‘Accidental Benefit Rider’ or ‘Critical Illness Rider’, to enhance your coverage


  • Make sure your spouse knows that you have purchased an online term plan



The bottom line is ? buying term insurance will ensure that your loved ones are financially protected at all times. Now that’s a big thing that you can check off from your ‘New Parents To-do List’.



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