How a term insurance can help maintain our modern lifestyles
Protection from the financial impact of losing a providing loved one
Image credit goes to: Bajaj Allianz Life Insurance
What’s life without dreams and aspirations? Yet, every time we work towards converting these into reality, there is usually a price tag attached. Achieving big-ticket goals used to take a lifetime of saving and investing in the past. So, for instance, in previous generations, purchasing a home of one’s own came towards the end of one’s career, after much scrimping and scraping.
Fortunately, in this era of credit for every reason, we can access loans, which ensure that we can enjoy materializing even our big-ticket goals a lot earlier in life. But the price tag gradually increases with time. Naturally, we tend to meticulously plan and budget for the repayment of such loans, by allocating a portion of our monthly income to the payment of EMI. But what happens when the source of income itself is impacted due to the untoward demise of the bread-earner? Such unforeseen eventualities can completely disrupt life as we know it and set us back, not just emotionally, but financially as well.
The loss of bread-winner results in a reduction or complete cessation of regular income and could also leave the family to deal with large debts if a large part of the loan remains outstanding. As a result, the family may have to not only cut back expenses and live a more frugal lifestyle but also may have to consider liquidating any assets possessed or borrow from friends or family to repay the debt. Dealing with such financial ordeals, in addition to coping with the loss of a loved one, can be extremely traumatic.
Term Insurance to the rescue
While there is nothing that can be done to ameliorate the pain of losing a loved one, there are insurance products that help tide over the financial loss. Term insurance can be considered as a solution for such predicaments, as it provides financial security to our loved ones, enabling them to meet l the life goals we intended to achieve together, irrespective of unforeseen circumstances that may take us out of the picture, due to our unfortunate and untimely demise.
