Every day we come across insurance companies trying to sell their services through various marketing techniques, especially via TV and print ads. While the idea of insurance is put across in a simple and impressive manner, what it lacks is the crux of the matter, which is helping people identify a policy that is best for them.

In this age of technology, it may seem difficult to find a needle in a haystack of policies piling up in your inbox, therefore, make sure to school yourself about insurance policies that interest you, before you plan on buying one. For instance, people around the world find it difficult to choose between a term insurance policy and other life insurance policies. While each policy has its own benefits and is quite traditional in approach, term insurance policy is comparatively more affordable.

A term insurance policy can provide insurance coverage for your entire life. This plan is purely a protection program that doesn’t ask you to invest much, unlike other life insurance policies where the premium is not only high but also fixed. Term insurance generally requires a payment of premiums for a period of time that is chosen by the policyholder. During this time, it provides the highest life insurance coverage for the lowest premiums.

Some of the key factors that suggest you should buy a term insurance policy over other life insurance policies are as follows:

1. Term insurance plan is easy to understand and doesn’t involve complex procedures.
2. It basically serves as a financial safety net that protects your family and loved ones in your absence.
3. There is flexibility to choose a policy term up to 35 years or more.
4. It offers higher coverage at lower cost.
5. It is also a suitable option for businessmen as they can save on certain costs and utilize their balance capital to grow their business further.
6. It is the most affordable way to secure your income.
7. All the premiums you pay under a term plan are exempt from income tax as per Section 80C deductions.
8. The life coverage received by the beneficiaries is usually a considerable amount, thereby giving them good financial support.
9. Additional rider benefits are offered on certain term insurance policies. These riders include accidental death benefit rider, critical illness rider, or option to increase sum assured on specific events, which are comparatively less expensive than any life insurance policy.

A term insurance plan comes with wholesome benefits; it acts as a life insurance plan, made available at a very affordable rate, and also serves as an investment. Therefore, before you buy a term plan online or through traditional methods, weigh your benefits, keeping in mind your age and the purpose of purchasing the policy. With that said, if your family depends on you financially, a term plan will most likely be your preferred choice of insurance.