The COVID-19 pandemic has brought a sudden reality check in our lives. All our life plans have come to a halt. It has brought us face to face with the idea that anything can happen, irrespective of our plans. Our health and safety are always at risk. So, we must invest in the security of our loved ones in case something was to happen to us. To ensure that your family keep living their life to the fullest, you must buy life insurance.

But why should you buy term insurance instead of life insurance?

Term life insurance covers you for a specific period, typically 10, 20 or 30 years. If you die while the policy is in place, you’re covered. Once the term expires, you’re no longer covered. Term life insurance is best for those who may only need coverage during a certain time, such as when you’re raising kids or paying off your mortgage. Or for those who want some coverage, but don’t want to pay a lot for it. Permanent life insurance policies can cost up to 10 times more than term insurance policies. It can lead to people missing a payment or abandoning them altogether. Many people may not need the extra benefits, so term life insurance is an ideal choice to keep your family safe.

Here are some benefits of buying term life insurance during COVID-19

• Coronavirus Term Insurance: With the advent of COVID-19, many insurance companies have brought in the coronavirus term insurance. Coronavirus term insurance implies that in case of any mishap due to COVID-19, the term insurance will take care of your family’s needs. The spread of this infectious disease does not have any limitations as we have seen in the past months. This term insurance will look after your family and your liabilities under any devastating conditions. COVID-19 has become a wakeup call for those who have been avoiding term insurance. Term insurance, especially at such a time, not only becomes a means of protection but an investment as well.

• Inexpensive: Due to the limited term of this insurance policy, the premiums are much lower than other types of life insurance policies. Insured can avail extensive life coverage at a cheaper premium cost, making it one of the most affordable options for everyone. However, it is best if you buy a term insurance policy as young as possible. Since your chances at mortality increase with every passing year, the yearly premiums also rise.

• Flexibility: Not everybody needs a life insurance policy spanning their entire lifetime. If you are a small family with a child, you only need an insurance policy until your child is older and financially independent. If you have taken a long-term loan such as a home loan, you can only take life insurance up till the tenure of the loan. So that if you expire, the burden of the loan does not fall on your family’s shoulders. For such a fixed term, you do not need a full-life insurance policy. In such a case, a term life insurance policy is best. You can stop paying premiums and renewing them in case you don’t have any more liabilities. For example, you can stop paying premiums after you retire.

Why should you buy term insurance online?

While you can buy a term insurance policy from your friendly agent, it is much more beneficial if you buy it online. Your agent will only give you a couple of options to choose from, often biased by his benefits. When you buy online, you are free to go through all your options. You can easily go to insurance companies’ websites and browse through their policies.

If that seems taxing, you can look at some of the aggregator websites that offer you a whole list of policies based on your requirements. These websites also offer you the benefit of making a term insurance comparison. You can choose multiple policies which you like and compare them through a comprehensive table. This table lists all the advantages and disadvantages of each policy in comparison with the other. It helps you make an informed choice.
A term insurance policy will help you sleep soundly knowing that your family's interests are secure even if you are not around to look after them.

Author's Bio: 

Priya Negi is a blogger