Term Life Insurance for Parents
If you are a parent or have old parents, it is essential to secure insurance for yourself and your parents. Term life insurance provides coverage for a specific term selected by the individual himself. Term life insurance offers a guaranteed death benefit against the monthly or annually paid premiums. Most of the parents, who know that they are the sole bread earners of their families, pursue term life insurance to secure their family’s financial future.
The death benefit offered by the term life insurance can be used to:
- Pay for the final expenses of the insurer after the death
- Repay any outstanding balance or loan
- Replace the income of the parents after their death
The whole death benefit package ensures the parents that their family is secure in case of their death. The process of getting term life insurance is pretty simple. The application form requires answers to basic questions like age, gender, profession, family history, or health profile. Most of the time, term life insurance is provided to young parents, so there is a medical examination required. The premium rates are determined by the age, gender, coverage amount, and term length of the policy.