A life insurance plan is a lifeline for creating a financially stable life for your family in your absence. And a term insurance plan is one of the most basic financial products that can secure your family's financial future. There can be a certain age upto which you may feel that your family needs your financial support.
 

However, if you know that you will have dependents throughout life and even after your death, then how can you secure their life? Have you been introduced to whole life insurance? Here is a discussion about what it means and how it can secure your future.
 

What Is Whole Life Insurance?
 

Whole life insurance offers complete protection upto 100 years of age to safeguard the financial security of your beloved family members at all stages of your life.
 

Can You Opt for Whole Life Cover with Term Insurance?
 

A term life insurance plan is a traditional life insurance policy that can ensure a death benefit to your nominee in case of your unexpected death during the policy term.
 

Whole life insurance can be opted for as a part of a term insurance plan.
 

Here's How Whole Life Insurance Can Help You Have Future Financial Stability

Whole life insurance can enhance the benefits of a term plan in various ways to secure your future. Here are a few pointers to explain the same:

1. Life coverage till the end of your life: If your family is dependent on your income for their survival, then your responsibilities will vary at different stages in life. For instance, if you get married, then the responsibility of ensuring a financially independent life for your spouse is important.

   
   When you have children, their growth and development need to be accommodated as a part of your financial plan. Hence you may feel that having financial protection till the end of your life is an ultimate necessity. Whole life insurance plans can help you attain this goal.




2. Cost-effective financial protection in the long term: A financial product to cover the various risks in life must also have an affordable cost. Financial protection term plan is the best option to benefit from more sum assured at a cost-effective premium rate.

   
   Furthermore, when you are relatively young, the possibility of your death is low owing to a healthy body. Therefore, the premium of a term plan will be low as well, which can continue for the rest of your life. Thus, the question of the affordability of a term plan gets eliminated because of its lesser premium, especially for young policyholders..




3. Flexible premium payment options: Securing your future should not affect your current lifestyle to a high degree. Therefore, at Tata AIA, we provide exclusive premium payment options to suit individuals' financial needs. For instance, the Tata AIA life insurance term plans offer regular and limited premium payment options.

   
   You can pay the premium for a limited term and enjoy the coverage benefits until 100 years of age. Our online term insurance plan calculator can help you ascertain the premium of a term plan based on the sum assured, policy tenure, and premium payment frequency you choose.




4. Regular income for enhancing your financial stability: Term insurance plans from Tata AIA also provide a regular income in addition to a life cover. For instance, you can choose the starting age for the income period of your whole life term plan, probably when you expect to retire, and start receiving the regular income for a few years.

   
   In addition to the aforementioned regular income, the lump sum death benefit to your nominee in case of your unexpected death will remain intact. Therefore, the term plan's regular income benefit can be considered as an additional source of income to secure your financial future after retirement.

   
   

5. Rider^# benefits: At Tata AIA, we provide a range of life insurance rider^# options to enhance the whole life insurance plan benefits. Some of our most prominent riders^# are terminal illness rider^#, accidental death benefit rider^#, critical illness rider^#, and total and permanent disability rider^#.

   
   For example, with the selection of the total and permanent disability rider^#, you will get the insured amount in the event of a permanent disability due to an accident. You can receive this insured amount as a lump sum or as regular income, as per your preferences.

Now that you know the different options available as part of a whole life insurance plan, you can use them to customise your term plan and secure your future. You can assess these options and analyze and choose plans based on your financial goals and family commitments. It is easy to buy an online term plan and save on effort and time.
 

Even if you have no dependents to be left behind during the last stages of your life, a term insurance plan can be beneficial for your family after your demise. Your children can use it to pay off any debts, start a new family business, increase their asset base by purchasing a dream house or car, etc.
 

Conclusion
 

Whole life insurance plans have some valuable benefits in the long term. They can help you safeguard your family's finances in the wake of your unexpected demise, and the coverage is available till 100 years of age.
 

In addition to this, you can receive more sum assured at a relatively lesser premium and use the rider^# options to customise your plan. You can also avail of regular income from your term plan to manage your family's expenses after retirement. It is advisable to invest in a term plan early in life and stay invested for the long term.
 

L&C/Advt/2023/Jan/0253