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5 Reasons Term Life Plan Is The Right Choice For Self Employed

Anil Kumar Anil Kumar , 3/27/2019
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Getting a life insurance plan isn’t that easy for self-employed people as they are considered to be less consistent with making premiums. Though, there are insurers who provide plans for different needs of buyers. But, every plan may not be suitable for them and in this article, we are going to about the same. Let’s get to know the different benefits a term plan brings for their customers.

·         Simplicity

Term life plans are known for being straightforward as they have no hidden term and conditions. Under these plans, the insured is supposed to buy a plan for a specific number of years and receives protection for the exact same period. For instance, if you buy a plan for 15 years; you and your loved ones will be protected until the plan is active. Insurers provide a lump sum account to the loved ones if the insured passes before the policy period. The offered accumulated income greatly helps with arranging the funeral, paying the medical expenses as well as taking care of pending financial commitments. Mostly, they come with a fixed monthly premium that you are supposed to make timely. Unlike other insurance plans, they don’t have any no additional features such as cash value accounts, policy loans, investment accounts or long-term care benefits and the insured doesn’t need to worry about the same.

·         Affordability

The affordability of term life plans is another reason why people look towards these plans. These plans provide protection for a specific period and hence are offered at a premium cheaper than whole life plans. Under these plans, the insured receives an attractive cover for a much lower price and it’s a compelling reason why self-employed people are preferring these plans. The insured and their loved ones receive a better coverage for an offered price and enjoy the increased protection. Usually, the premium is decided based on the gender, age and health status of the insured and applicants with a better health condition are offered a cheap term life insurance.

·         Desired Benefits

Each applicant has their own set of requirements and approaches an insurer to fulfill the same. As soon as they request a quote through the official website, the representatives get in touch with buyers and ask their specific insurance needs. Depending on the same, they offer the most relevant term life insurance quotes online to potential buyers and they can choose a coverage they find sufficient for themselves as well as their loved ones. Also, there are online experts to help buyers with their all insurance related queries. They ask the specific requirements of a buyer and suggest the right coverage as well as the most suitable plans for them.

·         Protection For Desired Period

Flexibility is another benefit that these plans offer to insurance buyers. Interested customers can buy a plan for the desired period and will need to make premiums only until the plan is active. For instance, if you are a young self-employed, you can buy a 30-year term life plan that protects the family until the kids will become able to take care of their own responsibilities. While if you are approaching your retirement, a 10 or 15-year plan will be sufficient for you as well as the loved ones. Insurers are helping customers with a plan for a specific period and through online portals, they can choose one easily.

·         Guaranteed Exchange Options

Another major benefit of a term plan is the exchange of plans whenever the insured feels the need for. At times, people buy a plan for a specific period and later realize that they need it longer. For instance, you have bought a 15-year plan but later feel that you need the protection for 30 years, you can convert your plan into the same. Also, there is a possibility that a term plan buyer may wish to have insurance for the lifetime. Such buyers can exchange their existing plan with a whole life plan. These exchange options save the insured from re-application and the medical re-examination process.