There is no doubt in asserting that term insurance plans are highly beneficial. While assuring monetary benefit to your family in case of death, it also helps you add riders that can cover critical illness, personal accidents, cancer cover, etc.
When it comes to buying the best term insurance online, people have plenty of doubts in their mind that need to be cleared. Some are confused about the claim settlement ratio, while others are not sure about the tenure. It is important to clear all your queries before buying a term plan so that you may not experience any confusion after buying it.
If you are also facing a starting trouble while buying an online term plan, here are a few commonly asked questions from the term plan buyers with elaborate answers.
Would The Premium Today Change in The Future?
The premium of your term insurance will remain the same throughout the term of your policy unless there is a clause that specifies otherwise. In general cases, there are no changes made to the premium. However, in the case of disability and life-threatening habits, the insurance house may make a premium rise. You need to clear all this matter with your insurance company.
What Happens If The Policyholder Starts Smoking A Few Years After Buying The Policy?
It is mandatory to disclose all addictions before acquiring the policy. If policyholders are addicted to smoking or drinking habits that may reduce their life expectancy, they must reveal this to the company. When the policyholder hides such information, the company may increase the premium and put the policy into the risk pool. Any health changes or habits must be disclosed, in the absence of which will be considered as a breach of clause.
Can Term Insurance Claim Be Successful In Accidental Death?
The sum assured in the policy will be paid in case of accidental death irrespective of the reason. However, adding riders to the plan will offer you additional benefits like accidental death riders will boost your plan and offer annual income to your family along with the sum assured. So, it is important to consider the riders while picking a policy according to your lifestyle. You must know the benefits of each rider and then apply them to your plan.
What If a Policyholder doesn’t die till the policy matures?
It is the most common question people have regarding term plans. People are often disappointed when they hear there are no benefits at the maturity of the plan. However, if you are concerned about what happens to your policy at the time of maturity, you need to understand different options. There can be a premium rise, you can go for less coverage or upgrade your current policy. Discuss it with your insurance company to know more about it.
All these are the common questions that people have in their minds when they first think about getting term insurance. If you are also fiddling with such questions, consult your insurance company and get it solved before signing the papers. Make a well-informed decision, as it is about the security of your life.
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