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Term insurance is one of the most affordable life insurance policies which provides financial security in unfortunate events.
This insurance plan offers coverage for a specific period, also known as the "term".
This insurance is important for senior citizens, as a term insurance plan can help them avoid a financial burden.
In case the policyholder dies, the beneficiaries receive the death benefit from the term insurance policy.
With term insurance, one gets the benefit of financial protection for the family. Regardless of the age, the benefit of term insurance is financial protection.
People of all ages take loans, be it a home loan, car loan, or personal loan. Term insurance can also act as financial protection in case of a policyholder's death.
For young people, term insurance is one of the best ways to protect oneself.
Through a term plan, senior citizens can also get financial benefits after maturity.
As one enters their 30s and 40s, the responsibilities increase. They are likely to have multiple financial commitments, thus a term insurance plan becomes important.