As a freelancer, you must protect the financial wellness of your loved ones at all times. However, as a freelancer, you may not always have a steady or stable income, or you may be in the process of establishing your career. How can you secure the monetary well-being of your dependent family members in such a scenario and ensure they get the help they need after your demise? The answer is quite simple – by getting a large life insurance policy, such as an INR 10 crore term insurance coverage. Read on to know why this is essential and how it helps you in various ways.
The importance of term insurance
So why would you opt for a large cover like an INR 10 crore term insurance plan as a freelancer? This is because of the following reasons:
- Easy to budget
One of the biggest advantages of term insurance is its pricing. You can get a large life cover, such as a term plan for 1 crore, by just paying a few hundred rupees a month. As a freelancer, your finances may be tight and so having an affordable option always helps. Term insurance is the most practical and cost-effective way of keeping your loved ones safe. So, go for a good plan, such as a term plan for 1 crore, without any further delay.
- Easily available
A lot of financial instruments require you to have a healthy bank balance when you wish to invest in them. Fortunately, term life insurance has no such demands. If you are young and healthy, you can instantly purchase a large cover, such as INR 10 crore term insurance, without any issues. You can buy the plan online, with the click of a few buttons and have awesome coverage in your financial portfolio.
- Large coverage
As mentioned above, affordability may be an issue for you while you work as a freelancer. This may limit you from making a large financial investment. But when it comes to term insurance, this doesn’t matter. You can get a large term insurance cover, such as INR 10 crore term insurance, without straining your budget.
A term plan for 1 crore is a very handy option, and since it is available easily, you must consider getting it as a freelancer.
Structuring the coverage
As you can see, it is quite easy to get a large term plan for 1 crore without too many issues, considering you are young and healthy. However, you need to structure your term plan with care so that the aim of the coverage is fulfilled. For this, you must:
- Keep the future financial plan in mind
You need to understand the financial needs of your family. How many kids do you have, and how much money would be needed for them to complete their education? Do you have a home loan to clear? Are your elderly parents dependent on you for their medical needs? Once you know the financial requirements of your family, you will be able to structure the coverage and get a suitable term insurance plan.
- Calculate the other incomes of the family
Are you the only earning member of the house, or does your spouse have a salary too? Do you have a rental income from a property? Do your parents receive their monthly pension? You need to evaluate the other incomes of the family and then decide whether you need a term plan for 1 crore or more. The aim should be to cover the financial needs of your family once your income stops, so calculate smartly.
- Fix the policy period carefully
You need to have the coverage of INR 10 crore term insurance till your dependents are financially independent. Calculate the age of your kids, check the loan repayment duration and other such aspects when you choose your term insurance tenure to ensure the policy is structured properly and can offer maximum coverage to your family.
Keep the points mentioned above in mind when you structure the term life insurance coverage, as that will help you to create the perfect financial protection for your family, which can help them in the unfortunate event of your death.
The bottom line
Whether you get a term plan for 1 crore or an INR 10 crore term insurance plan, you need a good coverage in place. Life is quite unpredictable, and no one knows what trouble can befall you at what juncture. So, be prepared and keep your loved ones protected with the best term life insurance protection. As a freelancer, you need to be smart with your money, and term insurance allows you to do so. Therefore, consider the tips mentioned above and get good coverage, such as an INR 10 crore term insurance plan, right away.
sweety 
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