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Why One Size Doesn't Fit All: The Importance of Customizing Your Term Insurance Coverage
Despite going to the same tailor, do you and your friend prefer the same colour, cut or pattern in your dresses? Probably not. Does the same marketing strategy work wonders for different brands? Usually never. In both cases, customization according to choices and requirements is the key. Then who do you think the term insurance policy that your colleague has opted for, will be as good for you too?
One size doesn’t fit all. This holds true for insurance plans and their coverages too. So, while you decide to buy a policy and financially secure your loved ones, it’s essential to customize it as per your situation and needs. Let us check why it’s crucial to do so.
Varying goals:
All of us purchase life insurance to ensure financial security for our family when we are not there anymore. In addition, if we survive, the maturity benefits from term insurance with a return of premium policy are designed to act as our lump sum savings to fund our future targets. Life goals can be different for every individual. While some want to build a corpus to ascertain a smooth life for the spouse in their absence, another can wish for a lavish wedding for the child, and someone else might want to travel the world after retirement. The coverage or the insurance plan needs to be chosen accordingly.
Different situations:
Suppose Raj and Riddhi, both of the same age, are planning to buy a term insurance plan. Raj is a healthy individual with no medical history. Riddhi, though healthy, has a history of heart-related deaths in the family. Here, the same policy with similar benefits might not be suitable for both. Clearly, Riddhi has a higher probability of suffering from cardiac issues. Hence, preparing for the worst, Riddhi can always opt for a critical illness rider1.
Again, suppose Kunal and Steve work in the same organization. Kunal being pretty junior earns less than Steve. Here, Steve will have greater affordability and can opt for higher life cover with higher premiums. Meanwhile, Kunal can always choose another policy that fits his budget and needs. The term insurance premium calculator can be pretty helpful here to aid the right choice.
Varied liabilities:
As we age, liabilities change. So does the need for funds. A young individual of 20 won’t have the same liability as a 40-year-old married with kids. The latter will look towards a greater corpus to pay for his child’s education or marriage in future. For instance, suppose an individual buys a 1 crore term insurance plan when he has just married and needs to secure his spouse’s future only. The same coverage might fall short if seven years later they have two children to take care of. Here, a term plan with increasing cover might be more helpful than a traditional policy with a fixed sum assured.
Keeping these things in mind, when you purchase term insurance can always be profitable, ensuring the best solutions for your needs. Why be happy with a random pick, when you can always customize?
Related Articles:
- Term Insurance With Critical Illness Benefits
- Make Your Online Term Plan Your Family's Monthly Pay Cheque
- 4 Simple Methods to Calculate : How Much Term Insurance You Need
- 8 Questions to Ask Before Buying Term Insurance
- 4 Common Mistakes to Avoid When Planning to Buy Term Insurance
- What is Term Insurance
ARN - ED/10/23/5516
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
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Here's all you should know about life insurance.
We help you to make informed insurance decisions for a lifetime.
HDFC Life
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HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
1. For all details on Riders, kindly refer to the Rider Brochures available on our website.
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