Should you wait for election results to buy Term Insurance?
India is witnessing one of its largest elections. Be it a corner of the housing society, at a road-side cafe, near water coolers in office or in a train, everybody is discussing what will happen on May 23 — the day voting results shall be out. There is a certainty that India will know who might form the government.
If certainty is important to you, do not delay your decision to protect your family’s financial future. Election results will take some more time to reveal, but the crucial step to shield your family from financial problems can be taken now. Buy a good term plan, and be confident that your dear ones will lead a life you have chosen for them even in your absence.
Election and markets
As a key event, at least in the short-term, elections have a bearing on how financial markets will behave. Expectations set the tone. The stock market’s sensex may go up or down depending on the expectations and final election results. Wary of large swings, many investors are sitting on the sidelines till this volatile phase is over. Investors may be doing the right thing.
But, if your needs are financial protection, an election is not necessarily the only event for you. A term insurance plan is not an investment, which is linked to the market. In fact, a term plan pays the policyholder’s beneficiaries the sum assured under all circumstances if the claim is accepted. An untoward incident including a critical illness is also a risk, and thankfully term plans with critical illness benefit covers this as well.
Cost of delay
Politics may be the order of the day. Depending on your political inclination, you may be happy, sad or neutral to the elections. After all, we are emotionally connected with our thoughts and beliefs. Take a step back from the political arena. Think about the wonderful moments that your family has enjoyed. That trip, the first time all of you entered the new home, long drives in your new car or the birth of your child….these precious moments happened because you made them happen. This is the power of choice.
Your persona of a responsible parent or spouse is also important. Sure, it feels great to debate on jobs, farmer distress, defense and development. But, it is crucial that a solid plan be also there so that when unforeseen events like critical illness or something unfortunate happens to you, your family is safely shielded from the financial problems that can crop up.
Ab ki baar, Term plan le lo yaar.
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