Is it Better to opt for Higher Coverage?
Term insurance coverage can be as extensive and comprehensive as you want it to be. The life cover should be able to protect you and your family from financial uncertainties. Hence, when you select a term insurance plan, be sure to take a variety of factors into consideration, including your current and future income, your family’s current expenses, any future obligations, liabilities, and also medical emergencies which can consume a considerable chunk of your savings funds.
However, when you choose a higher term insurance sum assured of 1 crore, you can ensure better coverage for your family’s needs. These are some of the benefits that come along with a 1 crore term plan cover:
Even though a one crore term policy offers quite a lot of coverage, you can still enjoy the benefits of the same at very reasonable premiums. As such term insurance plans are known to be quite cost-effective, irrespective of the sum assured you choose.
The premiums you pay towards the policy will remain stable and locked in once you buy the term insurance plan. By purchasing a term plan early on in life, you can lock in highly affordable premiums, even though the coverage may be as high as 1 crore.
Your family’s financial needs will keep changing and to ensure that they do not have to compromise on their dreams and goals, a one crore term plan is essential. A high coverage such as this can keep them comfortable and free from financial worries when you cannot look after them.