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Importance of Buying Life Insurance for Parents

Life insurance is an essential thing in today’s time which provides funds to our loved ones during any mishappening. There are various insurance companies providing life insurance for parents. Everyone wants their parents to be healthy and safe. So, life insurance for parents is the best thing to go for. 

What is life insurance for parents? 

The person who is covered and the insurance provider enter into a contract known as a life insurance policy. A sum assured is paid to the insured or the chosen nominee by the insurance company in accordance with the contract. However, the life insurance provider will pay a lump sum in exchange for the premium payment made for life insurance for parents in India if the policyholder passes away suddenly.

Should I purchase the best life insurance for parents?

In fact, purchasing life insurance for parents can assist them with their financial obligations. They could always receive financial aid from it. When buying the best life insurance for parents, though, some requirements must be met. The insurance plan for your parents will depend on their financial standing, age, and state of health. To ensure that they are financially secure in the event of an untimely death, parents must also have a quality life insurance policy in place.

What is the Importance of Buying Life Insurance for Parents?

  • It gives a financial security to parents in case of any mishap happens
  • Debt paying off can also be done with life insurance if in case any mishap happens which leads to parent’s death
  • Retirement planning is secured if your parents had life insurance 
  • Medical expenses in case of any serious injury that leads to intake of costly medicine intake also gets covered in this insurance. a 

Some of the best life insurance for parents

Company who InsuredName of the PolicyCSR ratio as per FY 2020
Bajaj Allianz IndiaBajaj Allianz eTouch Online Term Plan98.02%
Aegon IndiaAegon Life iTerm Plan98.01%
Aditya Birla IndiaAditya Birla Sun Life Protector Plus Plan97.54%
Aviva IndiaAviva Life Shield Advantage Plan97.53%
Ageas IndiaAgeas Federal Insurance Flexi Term Plan96.47%

Read more: Best Family Health Insurance Plans

Conclusion 

Parents must have life insurance, especially if they have family members who are dependent. Despite the high value, life insurance for parents can help them avoid financial hardships in the event of a loved one’s passing. Therefore, get life insurance for parents to secure the future prosperity of the parents and dependent family members.

Frequently Asked Questions 

Q1: Why should parents get life insurance?

A1: Parents should get life insurance to provide financial security for their family in case of their death, ensuring their loved ones are taken care of.

Q2: How much life insurance do parents need?

A2: The coverage amount depends on factors like income, debts, and future obligations. A general guideline is 5-10 times the annual income, but consulting a professional is recommended.

Q3: What types of life insurance are suitable for parents?

A3: Two common options are term life insurance, which offers coverage for a specific period, and permanent life insurance, providing lifelong protection with potential financial benefits. The choice depends on individual needs and goals.

Amy Martin

Amy Martin is a full-time fashion blogger and holds a master degree in commerce. Amy Martin has written on multiple niches including fashion and lifestyle. In her free time, she likes to read books and enjoy soft music. Drop me email here amymartin4179@gmail.com