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5 reasons why term life insurance is so popular
There are many reasons for the popularity of term life insurance and here are 5 main reasons.
Term life insurance is an affordable option and you can buy it when you do not have too much funds for investing in other plans. You can buy this insurance for a fixed period, say 5 years, initially and then extended it if you have money for continuing it.
Unlike whole life insurance it has fixed tenure and the policy holder can reap the benefits of this policy when he is alive. Other insurance offer benefits to your dependents when you are no more in the world and you cannot use that money for the purpose you want. You can only get an amount that you accrue over a period.
Flexibility of extending term
Term life insurance can be converted into whole life insurance if the policyholder desires to do so. So with term life insurance the option of whole life insurance is always open. In fact if you want to extend the tenure for another term, you can do that and extend the life cover for the duration you want.
Protection for your business
Term life insurance can be nicely used for protecting your business by covering the costs. This helps in continuing your business. In fact in the event of your death during the term, the insurance benefits can be used for supporting the business.
Security of the family
Just like other insurances term life insurance also offers security of your family and assures financial support to them in the event of your death. Term life insurance offers almost all the benefits offered by whole life insurance but only for the term of the policy.
It is better to get term life insurance than not buying insurance at all.
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