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5 Reasons You Should Change Your Term Insurance Policy

5 Reasons You Should Change Your Term Insurance Policy

Everyone will agree that life is messy, challenging, and uncertain. We don’t know what happens to us or our family the very next moment. We often plan about our future goals, our retirement, our child’s marriage and education, but in all this, we forget to plan few things that really need our attention. That’s why it is advised to buy the best term insurance plan with adequate cover.

Speaking of term life insurance plan, it’s the best way to provide financial coverage to you and your family. And if you are the only bread earner of your family, then it is extremely important to have a term insurance policy as you have the responsibility to secure your family’s future in case something happens to you. Term insurance plan is an important financial instrument that one must buy as early as possible in life. In fact, it is the most affordable way to protect the future of you and your family.

If you already have a term insurance policy, then you can also think about changing it to achieve desirable financial goals. Though changing your term insurance policy is totally a matter of personal choice and preferences. But, in every 3 or 4 years, you can look for a term insurance plan that offers finer facilities and can make a switch.

To help you understand better, here’re the following 5 reasons that shows why do you need to change your term insurance plan in 2021–

1. Insufficient Riders

There can be times when your comprehensive term insurance may not cover all the risks for which you seek protection, thus in such, insurance companies offer the option of riders. But, if you think your current insurance company is not providing sufficient riders, then you can switch your Insurance Company. This is one of the most important reasons to change your term insurance policy. You can opt for a policy with myriad of features and rider options. Also, you can compare your policy with the old one and look for additional features to get a robust insurance plan for your family.

Here are 5 reasons to add riders to your life insurance plan.

2. Due to the Change in Life Goals

This is yet another significant reason that shows why you must change your term insurance policy. Life goals and needs keep on changing at different stages of life. Suppose, you got married, or you became a parent, your financial responsibility will increase. Thus, upgrading your term insurance plan will help you figure out the type of policy you are looking for. You can change your term insurance basis the circumstances of life.

3. Affordable Premiums

There are several budget-friendly options available in the market. Thus, you can look for an affordable option with maximum benefits. Also, it is ideal for those who are looking for an affordable policy so that they do not end up paying higher premiums. Term insurance plan is an essential part of our financial portfolio, thus, it’s better to choose one as per your long-term goals and current lifestyle. Listed below are certain things that you must consider while changing your term insurance plan –

  • Tax benefits as compared to the current policy
  • Availability to take loan
  • Cost involved while changing the policy
  • Premium rates

4. Additional Features

Switching your policy will help you find an effective one that offers higher coverage at lower premiums along with other benefits. For example, you got married, you can add your spouse to the same term insurance policy, which will make it easier for you to manage and track your policy.

Understand the benefits of including your spouse in a term insurance plan.

5. Smooth Claim Settlement Ratio

Check if the life insurance company has a smooth claim settlement process. A smooth claim settlement process will help your beneficiaries to get the death benefits of the term plan easily without much hassle. Canara HSBC Life Insurance offers 1 day claim settlement. So, if you have all the documents ready, then you may get the death benefits within a day.

Mentioned above are some of the reasons that one can think of and decide to change their Term Insurance Plan. If you think you are getting good coverage at affordable rates through switch, then you should go for it. Buying a term insurance policy is an important decision of life, thus you must keep all your expectation and make an informed choice. Besides, if you are planning to buy term insurance policy online, then prefer opting for Canara HSBC Life Insurance’s iSelect Smart360 Term Plan. We offer comprehensive term insurance policy that provides protection along with accidental death and terminal illness benefits.

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