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Why Term Insurance should be first on your financial to-do list

Insurance is an important tool to ensure the financial security of you and your family in case of unforeseen negative events. Adding term insurance to the financial plan can help in a crisis, Business News Today reports.
Why Term Insurance should be first on your financial to-do list

The advantage of term insurance:

Insurance coverage usually exceeds the amount of the insurance premium many times;

By purchasing term insurance policy and paying regular insurance premiums, a person protects himself from negative events from the first day;

A term insurance policy helps save on taxes.

Srinath Mukherji, Co-Founder and Director of Sana Insurance Brokers, comments: “Insurance products for families and individuals generally come in two types: risk-only and savings-related insurance products. Pure risk policies usually pay out instantly in case of unforeseen circumstances, while savings-related policies only bring money to a person after the contract expires. Opinions may differ as to whether you should have savings-related policies in your portfolio, but pure risk policies such as term life insurance are an absolute must.”

Source: https://www.livemint.com/money/personal-finance/why-term-insurance-should-top-financial-to-do-list-11637255106085.html

Photos are from open sources.

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