Since in most families there is a single breadwinner and the entire family is dependent on him it is often advisable for him to take a term life insurance plan in order to secure the financial status of his family after he’s gone. Losing a loved one is hard enough for the family emotionally, let us, at Cafaro Insurance Agency, handle the financial aspects of the grieving family. Being in this industry for many years now, we have an understanding of how the insurance industry works and bring a sense of clarity in our plans. The people of Yonkers, Long Island City, New Rochelle, Deer Park, Lake Success, NY, and Huntington, NY trust our experience, our judgment, and our extensive knowledge to offer them the coverage they require.
Below we have mentioned the top 3 benefits of taking a term life insurance plan. Take a look.
- Provides greater coverage as compared to traditional plans
A traditional plan with a yearly premium of roughly 20,000 will give you a coverage of rupees 2,00,000, this does not seem a good option for your families expense in the long run. Whereas in a term plan a much higher sum is assured which guarantees the financial security of your family who is dependent on you?
- Income tax benefits
While the most important benefit of getting a life insurance policy is securing your family’s financial future another great benefit is the tax benefit that you receive from paying the premium. While computing your taxable income you can avail various exemptions under different sections.
- Fixed rate of premium
On purchasing a term insurance plan, your premium amount will be locked from the time you purchase it till the end of the plan. Hence, it is always advisable to purchase the term insurance plan as early as possible because in your younger days the amount of premium is pretty low.
So if you have any other query regarding term insurance plan you can get in touch with us at 631- 321- 6165.