Theoretically, it is true that person don’t need to buy online Benefits of Term insurance if he or she doesn’t have dependents. But, considering two major aspects such as health condition and premium costs, it really makes sense to purchase online term coverage even in case person does not have any dependents currently.
- Health Conditions
The most important reason person should keep in mind while purchasing a term plan online even now, is that he or she would be medically fit and healthy right now. Insurance companies in India will need customers to undergo pre-insurance medical tests before providing sufficient coverage to protect the policyholder against the risk.
Buying a term cover will become difficult if person contract any illness or disease. Therefore, get yourself insured when everything is fine because you never know how life surprises you.
When you have dependents and then have contracted some disease, then it is possible that you might not get the online term insurance coverage. If customers evaluate in detail, then this life insurance premium isn’t going to ruin your finances and it does not cause stress on monthly budget as well.
- Premium Costs
Term insurance premiums are very nominal and hence, it does not affect your finances. For instance, in case person is 30 year old and medically fit and wants to buy a cover of Rs one crore for a 30 year period, it is advisable to get the same for nearly Rs 10,000 a year. It means less than thousand rupees per month which is quite affordable.
Hence, remember to consider the nominal premium rates as well as the existing health condition, and then you buy a life insurance policy in spite of not having any dependents.