Go low on premiums with right term plans!

Term plan is the only life insurance product that gives maximum cover on a fixed annual premium for a specified period of time. With the lowest premiums offered, such plans offer cushion especially in unforeseen and unfortunate circumstances, i.e. in the case of death of the insured, the beneficiary receives the higher insured amount as compared to other life insurance plans.

If the term comes to an end when the insured is alive, then no amount is repaid and the amount deposited with the insurance company in the form of the premiums are kept by the company. Hence, the term plans generally come with long-term such as 10, 15, 20, and 30 or more years.

Term plans are chosen by people who do not  want anything to happen to their family and it is taken care of financially for a brief period of time.

Term plans cover temporary loans such as a home or car loans if the amount insured is enough to pay the minor debts, loans, through the term plan.

Prior to purchasing, one has to specify all the personal information. People with tobacco addiction and other various diseases are eligible for such plans but for a higher premium. Additional protection for disability and accidents, critical illnesses etc. can be purchased by paying an additional premium.

The online term plans ask for such information and giving them the authentic details help in the rapid processing of the approval of the plan as there are medical procedures for those post online payment.

Once the details are cross-checked by the insurance company and the online term plan is approved, the premiums can be paid on a regular basis without any hassle.

One can buy the term plans online at coverfox.com. In order to purchase it online, one has to do thorough research to opt for the right company, go through the plan and the clauses that are included and then opt for the suitable one.

This is an essential criterion as even though such plans come with the lowest premiums, paying and losing it all to the company is not a disaster.

With the term insurance plans online, you are at liberty to add riders or other add-ons to your basic term plan by paying an additional premium. The most usual riders that people add are accidental death and disability benefit, waiver of premium in the event of permanent disability, critical illness cover and much more.

However, you must maintain your distinction to not have to add them to your basic cover just because they are offered.

Term plan is basically a no-nonsense insurance plan. All you need to do is to fix an insurance cover, compare the premiums from one insurance company to another, and then zero down on a plan.

It is vital to remember to go through the price list of all the companies online at coverfox.com. It is because one company that offers a low premium for one specific age group may not necessarily do that for all the age groups.

Get answers to the important questions mentioned below to buy the best term plan

• How much cover of risk is adequate?

The higher the cover of risk you select, higher would be the premium of the plan. Be certain that the term plan cover you select is adequate to help your family sustain the exact quality of life as they are living today. The thumb rule says that you should be covered for the amount that is about 15 to 20 times the annual income.

• Do I need additional cover beyond the pure life cover?

A vanilla term plan provides risk cover only against the death of the insured. However, there are other situations in life when a risk cover would be as essential such as suffering from any critical illness or an accident that leads to permanent disability.

There are riders that come with a term plan, as stated earlier, if you think such riders will add value then you can add them to your term plan cover.

Compare the term plans online at coverfox.com to get a higher sum assured to cover your family at the lowest cost.