In today's fast-paced life, things have become very fast. People are getting to know the importance of insurance in the race to earn money from bread, clothes, and a house. In such a situation, it would not be wrong to say that life insurance is very important for people. For this reason, every person must have life insurance. Whenever you ask a financial advisor regarding insurance, what kind of insurance cover is better to get. In such a situation, he will ask you to buy a term plan. Term plans are very important in the present times. Term insurance is a special type of insurance cover that provides financial security to your family even when you are no more. In this episode, let us know what is term insurance and which of the husband or wife should buy term insurance.
What is term insurance?
Term insurance is a special type of life policy that provides coverage for a limited period. For this, you have to make a fixed payment.
Under this, if the policyholder dies during the term of the policy. In this case, the amount of coverage is given to the nominee in a lump sum. Due to this, the family gets financial security in the absence of the head.
Who should take a term plan, husband or wife?
If both husband and wife are working. In such a situation, both people can take term insurance. Term plan is very important for both the working people.
On the other hand, if one of the husband and wife is doing a job. In such a situation, the one who is doing the job. He should buy this plan. For your information, let us tell you that a woman's term plan is much cheaper than a man's.
(PC: iStock)
