Why should Single individuals consider buying Life Term Insurance?

Life and death are unpredictable. The developments of the world in the past few years from Covid-19 to global calamities and war has made human life the cheapest.

Therefore, it’s really important for individuals irrespective of their relationship status, or age to insure themselves and their lives.

Everybody comes with responsibilities. Usually, there is an assumption that single and young people don't need term insurance. It's for married people, but singles and youngsters also have families dependent on them.

Hence, if you don’t want your family to suffer if you are gone consider buying life-term insurance.

Term Insurance also known as Life insurance is a type of life insurance that guarantees protection to your family against any unfortunate event. It is an agreement between an insurance company and the policyholder where a specific amount is paid to the policyholder’s family in case of an unfortunate demise of the life assured.

Here are a few points young and single people should consider and buy term insurance

Securing the future

Responsibilities come in handy with human existence. Whether it’s responsibility for your family, your siblings, your parents, or your spouse. Your death will suddenly snatch and stop you from meeting those obligations. Therefore, plan your future accordingly and buy the right term so your family can lead a comfortable life without facing any financial hardship

Term insurance covers your health as well

Death and diseases are not associated with just old people, and the current modern-day lifestyle and stress have increased life-threatening diseases and the death toll among the younger generation.

The World Health Organization stated India accounts for one-fifth of global deaths worldwide with heart attacks, especially in the younger population. And heart attack is just not the sole reason for deaths happening in the country, there are plenty.

So instead of overthinking about death and disease, purchase a term life insurance that offers comprehensive financial protection against life and diseases as well.

It offers tax benefits

Buying a term insurance policy also offers tax benefits as per prevailing tax laws. As per Section 80C of the Income Tax Act, 1961, the premium paid towards a term insurance policy gets a tax deduction for up to Rs 1.5 lakh.

For critical illness benefits, you can get tax benefits for up to Rs 25,000 under Section 80D. Moreover, the benefits received by your family will also be tax-exempt.

Opting for term insurance can give you many benefits and peace of mind as far as your family is concerned, and you will be relieved to know that the financial needs of your loved ones will be securely covered.

Debt

Most young people try settling and moving in life by taking loans, from educational loans to personal loans, car loans, or any other loan. If you pass away before settling them you won’t want to fall the burden of your loans on your family. Hence, it’s ideal to buy a term insurance policy to ensure that your loans/liabilities do not burden your loved ones.

Buy now otherwise pay more later

Youngsters and singles don’t consider buying term insurance important. But not buying life insurance when you are young and healthy is foolish, as you have to spend more in the future. The premium of a term insurance policy increases with age hence, it’s better to purchase a policy early.

Consider all the above points, safeguard your present and future and buy appropriate life insurance for yourself and your family.