The COVID-19 pandemic has wreaked havoc worldwide. The deadly infection caused by the novel coronavirus has not only affected the worldwide but it has also taken several lives. But, above all, the viral infection has instilled fear amongst all. The strict lockdown measure implemented by the government is to not just to stop the infection spread but also keep the citizens safe.
You may have read in the news that several people have been struggling with the treatment cost of COVID-19 despite having a health insurance. While the health insurance may help you take care of the treatment related-expenses what happens if the diseases claims your life. Will your family be able to take care of the expenses without you? Do you have enough savings? In such a situation having a term insurance policy has become more important than ever before.
While the first wave of the virus was dangerous, the second wave in India proved to be more lethal. It has resulted in more casualties than before. And, with the news of the imminent third-wave, many people are investing in term plans to secure their family’s financial future.
In the present scenario where the threat of the third-wave of the infection has generated a ripple of fear nationwide, people are realising the importance of a robust financial plan and insurance protection. An insurance can shield the financial dependents from the threats to their lives and their livelihoods.
If your family members are financially dependent on you, buying a term plan is critical for you, especially during these unprecedented times like now. The term plan will shield your family from the sudden demise, which may lead to loss of income and financial hassles. The death benefit from the term plan can help the family take care of their usual expenses and be financially independent even in your absence.
The best thing about buying a term plan is that you can get a protection cover for your family up to 30 years or more against a small premium amount, which can you can pay on a monthly, quarterly, half-yearly or annually. Also, as compared to the other life insurance policies, the term plan allows you to get a large sum assured for an affordable premium.
While there are plenty of terms plans available in the market, you must be careful with your purchase. You must read the terms and conditions carefully before making the final purchase decision. The term plan you purchase must cover death due to COVID-19. This should not be ignored especially during the current times when the situation is tough for all. Additionally, because of the highly transmissible nature of the deadly virus, anyone and everyone are equally susceptible of being infected.
The second wave of the infection has been particularly more dangerous because according to reports, people aged between 20 and 45 have been getting seriously affected. This makes it even more important for the youngsters, and especially the sole breadwinners in the family to get a term insurance protection.
Final Word
It is impossible to predict the future. But, you can prepare yourself for the worst scenario, and the best way to shield your family from the potential financial hassles that may arise from the pandemic and other ill-fated events is buying a robust term plan.