Figuring out a “ Perfect Home” is a tedious task. Right from imagining your family staying in that house to fitting into a particular budget involves a lot of research. After all its a basic survival necessity. You choose the best home loan company that suits your requirement. Then comes the home loan process. Funding a loan isn’t easy as it seems as you have to provide valid documents and fulfill the conditions. Then comes the approval. Its like a dream come true. But, what happens in any case of an awful incident? Is your family ready to bear the consequences? Unarguably NO. For this you need a life cover. Term insurance Plan is a kind of life cover. Term plans are custom made to secure ones family needs in case of the insured person death or any eventuality. Term Insurance Plan provides coverage to the nominees in case the insured person expires. It is for a defined period of time or say till the policy is active. The term plan comes in handy when you have a home loan.
Lets have a glance at some of the ways in which a Term Plan can be beneficial for a person who has a home loan.
To cut the long story short it is crucial to buy a Term Insurance along with your Home Loan. The Term Insurance Plan provides financial aid to the members of your family in your unavailability or non-existence. The Term Insurance does not have any maturity benefits. So, what are you waiting for? Go ahead and buy a Term Insurance Plan and cover your Home Loan if you haven’t done it yet.