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25 Year Term Life Insurance — How Valuable Is It?
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Qualified Policybazaar expert will assist you Term insurance presents a highly cost-efficient way to financially secure your family amidst unfortunate circumstances.
Amidst the uncertainties highlighted by events like the COVID-19 pandemic, having a safety net becomes paramount. So if you are seeking this coverage for the long run, it can certainly be ideal to go for a 25 year term insurance policy. In this article, we will understand all the key details about 25 year term insurance and its usefulness.
How Does a 25 Year Term Life Insurance Plan Work?
It’s worth understanding that twenty five year term life insurance is not a separate category per se. Rather, it is a term policy with a long tenure of 25 years.The functioning of this type of term insurance is pretty straightforward — the insured individual pays premiums for the specified tenure and gets coverage in return. If the insured passes away in the tenure, i.e. the next 25 years, their beneficiaries get a sum assured.
While there's no maturity benefit if you survive the term, you can choose the ‘Return of Premium’ option. In this case, the insurance company returns the premiums that you paid after deductions.
Why Choose Twenty Five Year Term Life Insurance?
Choosing a 25-year term insurance plan ensures that the long-term goals and aspirations of the policyholder’s family remain achievable, even if the primary earner is no longer around to provide for them. With the sum assured provided by the policy, the beneficiaries can fulfil their financial obligations as well as future requirements. We will find more about this in the next section.
Benefits of Choosing a 25 Year Term Insurance Policy
Considering a 25 year term insurance policy?
Here are all the benefits that you can get —
- Long-term protection: Provides 25 years of risk coverage to the policyholder's family, offering peace of mind.
- Death benefit: Offers financial support to the family in the event of the life assured's demise during the policy term — whether due to natural causes, accidents, or critical illness.
- Financial planning: 25 year term life insurance assists in planning for future financial needs such as a child's education, marriage, or purchasing a house.
- Additional security: Term insurance allows the option to add riders for enhanced protection, including disability, critical illness, or accident cover.
- Affordable premiums: Ensures coverage in unfortunate circumstances without imposing a significant financial burden on the policyholder.
How to Calculate Premium for Twenty Five Year Term Life Insurance?
To calculate the premiums for a 25 year term life insurance policy, you need to consider various factors such as your age, annual income, sum assured, medical history, lifestyle habits, and any significant health risks.
Generally, you can expect higher premiums if you face multiple health risks or regularly smoke or drink. Similarly, the higher the sum assured, the higher the premiums.
You can take an estimate by using an online term insurance calculator. You can also connect with us on Policybazaarinsurance.ae to talk to an expert who can resolve all your queries.
FAQs:
Is the 25-year term insurance plan available to everyone?
To be eligible for term insurance, you must be at least 18 years old. Note that upper limits with respect to age may apply as well.
Can the death benefit continue beyond the duration of the 25-year term plan?
No, the benefits are only applicable during the policy's specified term.
Will the policyholder still receive benefits if premiums are not paid?
Each insurance provider has its own policies regarding premium payments. While many offer a grace period, failure to pay premiums within that timeframe may lead to a lapse of benefits.
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