I'm Healthy - Do I Still Need To Buy Term Life Insurance?

Do Healthy People Need Term Insurance?

Healthy people often overlook term insurance, assuming their fitness protects them. But life is unpredictable, and unforeseen events can leave families financially vulnerable. Term insurance ensures your loved ones are secure, covering expenses like loans, education, and daily needs in your absence. It’s especially affordable for healthy individuals, offering high coverage at low premiums.

Individuals after 18 years of age can purchase a term insurance plan. If you have already entered the eligible age group or are about to enter, you can start planning for a term insurance policy. Think of it as a safety net, being healthy today doesn’t guarantee immunity from life’s uncertainties.

Should You Buy Term Insurance?

There can be various compelling reasons why you may purchase a term insurance plan. Not only those who are the breadwinners/ primary earners in the family, but others too should consider purchasing a term insurance policy.

Two quintessential reasons why a person chooses to purchase a term plan may include:

1. If you are a primary earner
   Are you the sole breadwinner of the family? Or do you bear the burden of essential expenses at home? If so, purchasing a term insurance policy can be the need of the hour. Unfortunate incidents like the death of the chief wage earner can pose major financial stress on the family left behind. There are numerous expenses to manage and doing so without strong financial support can become tough and even impossible.
   
   Even the thought of such a situation for a family can be daunting. Death can come to anyone and due to many reasons other than degrading health. To avoid any such condition, it is crucial to have a strong financial plan. Along with savings, life insurance can be equally vital. So, irrespective of your age and health, you must purchase a term insurance policy if you are the income earner of the family.
2. If you are not a primary earner
   Not everything is about necessity. A term plan is not just meant for people who carry the financial responsibility of their family. Someone who wants to leave a financial legacy and a corpus behind can also purchase a term plan. You may not be someone who is the financial provider for the family or the sole breadwinner, but you still want to leave a financial corpus for your loved ones.
   
   So, whether or not you are in a healthy state, purchasing a term insurance plan can be a wise decision. It can help your loved ones utilise the amount for various purposes.

Other than the aforementioned reasons, purchasing a term insurance policy can benefit you in many other ways as well. Here are other essential benefits of purchasing a term insurance policy:

1. Tax Benefits
   Purchasing a term insurance policy provides tax benefits to the policyholder. Under Section 80C of the Income Tax Act, 1961, they can claim tax deductions of up to ₹1.5 lakh. Along with this, the death benefit also remains tax-free under Section 10(10D) of the Income Tax Act of 1961. So, you can have the two-fold benefit of life insurance coverage and tax benefits.
2. Peace of Mind
   Last but not least, a term insurance policy means peace of mind. The fear of leaving your family in a financial crisis in your absence and their struggle can be avoided to a great extent with a term insurance plan. Having this peace of mind can help you stay at peace!

Conclusion

A term insurance policy assures much-needed financial protection to your family in your absence. With a long-term plan, you may also be able to leave behind a financial legacy for your loved ones. Whether you are young or adult, healthy or not, purchasing a life insurance policy always makes sense.

Term-life insurance means your family is financially stable even if you are no longer around. So, do not delay, but get the term insurance as soon as possible! At Jio Insurance Broking, you can easily and quickly compare various plans to choose the best one!

Remember, an illness is just one among many reasons for death. So, being healthy can not eliminate the risk of unpredictable death. To be prepared against the odds, it is crucial to start early planning. Plan ahead and protect your family’s future!