When it comes to purchasing term insurance, it is always better to do it early in life since the premium rates are low. However, life is unpredictable, and it is never too late to secure your family's financial future. If you are 50 or older and have not yet purchased a term life insurance, you may be wondering if it is too late. The answer is no; it is never too late to buy term insurance.
As you age, the chances of developing a critical illness also increase, making it more important to have a term plan in place. Besides, if you outlive the term, you can enjoy the survival benefits upon maturity and secure your retirement financially. It will also remove the burden of depending on your children in your old age.
One such term insurance plan that can provide financial security for your loved ones is Canara HSBC Life Insurance iSelect Smart360 Term Plan. This plan offers comprehensive coverage at affordable premiums and includes several benefits that make it a valuable addition to your financial portfolio.
Here are some of the features of the term plan that make it stand out:
- Life cover till 99 years of age
The plan provides life cover until you reach 99 years of age. This means that your family will receive the sum assured in case of your unfortunate demise, ensuring their financial stability even in your absence.
- Return of total premiums
If you outlive the policy term, you will receive the total premiums paid as maturity benefits. This feature can act as a savings tool and help you secure your financial future.
- No future premium if diagnosed with covered critical illness
If you are diagnosed with a critical illness that is covered under the policy (40 listed critical illnesses), you will not have to pay any future premiums, and your policy will continue to remain in force. This feature ensures that you can focus on your recovery without worrying about the financial burden of paying premiums.
- Block your premium
You have the choice to freeze your premium at the beginning of the plan and to enhance your coverage to a maximum of 100% of the base sum assured within the next 5 years.
- Terminal illness benefit
If you are diagnosed with a terminal illness that is likely to result in your demise within 12 months, you can receive a lump sum payout of the sum assured. This feature ensures that you have access to funds when you need them the most.
To conclude, it is never too late to purchase a term insurance plan, and the Canara HSBC Life Insurance iSelect Smart360 Term Plan is an excellent option to consider. The plan offers comprehensive coverage at affordable premiums, ensuring your family's financial stability even in your absence. To learn more about the plan and its features, visit the website and explore the term insurance calculator. Remember, it is always better to be safe than sorry, and a term insurance plan can provide you with the peace of mind you need without worrying about the financial burden on your family.