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 Insured | Name of the Policy | CSR ratio as per FY 2020 |
| Bajaj Allianz India | Bajaj Allianz eTouch Online Term Plan | 98.02% |
| Aegon India | Aegon Life iTerm Plan | 98.01% |
| Aditya Birla India | Aditya Birla Sun Life Protector Plus Plan | 97.54% |
| Aviva India | Aviva Life Shield Advantage Plan | 97.53% |
| Ageas India | Ageas Federal Insurance Flexi Term Plan | 96.47% |
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.
