Term insurance is a type of life insurance plan that offers coverage during a specified period of time. At the end of this period, the policyholder can either renew the coverage or end it. The benefits under this policy are available only in case of the demise of the insured during the plan duration.
An increasing number of individuals are choosing to remain single and the median marriageable age today, for both women and men, is in the mid to late-20s. Insurance providers are therefore extending their product offerings to individuals who choose to remain single. They are offering insurance products through mobile-friendly and online strategies.
Many singles do not recognize the importance of insurance coverage primarily because they do not have the responsibilities that traditional insurance seekers have had to contend with. However, the increase in penetration of insurance providers shows this trend to be changing and a higher number of singles are opting for insurance coverage.
Below are some important reasons why singles should consider getting insurance coverage.
a.) Cheaper when you are younger: When you are younger, with not too many responsibilities like a spouse, home, and children, you can get a term insurance at a lower premium. Moreover, as you grow older, the possibility of contracting health issues increases. This could result in a significant increase in the insurance premium. If you wait too long there is also a risk that insurance may not be available to you when you need it.
b.) Breadwinners of the family: In India, the joint family system is still widely prevalent. This means it is common for dependent parents to continue living with their children. Most often, these children are the only members of the family who are earning a steady monthly income. In the unfortunate event that you were to suddenly pass away, your dependent parents and other family members may face severe financial difficulties. To avoid such circumstances, it is crucial that you avail insurance coverage.
c.) Outstanding debt obligations: If your parents have availed education loans for your higher studies, they are obliged to repay the outstanding amount in case of your passing away. Similarly, if you have taken a home loan, you do not want your family members to be evicted because they are unable to pay the outstanding amount. With a term insurance plan, all these unpleasant circumstances can be avoided in the unfortunate event of your sudden demise.
This should make it clear that term insurance is important to individuals, irrespective of marital status. The most affordable and convenient way to protect your loved ones from unpleasantness is to avail term policies that are offered by different insurance companies in India.