Increased Demand of Term Insurance Along with Critical Illness Riders
The COVID-19 pandemic has triggered panic across the whole world. Most of the countries have imposed complete lockdown to stop spreading the deadly virus. In India, the lockdown has led to relatively fewer death claims for some life insurers. During the lockdown period as there was a fewer number of accidents because of restricted mobility, the claim experience from April to June 2020 has been better than last year.
It has been observed that more individuals wish to secure their dependents financially at the time of crisis and uncertainty. The rapid momentum at which the COVID-19 has spread globally has enforced people to think about health and life insurance seriously. More and more people have started realizing the chances of risk at all times and it is important to stay adequately protected.
The primary motive of a term insurance plan is to provide financial and liability protection to the dependents of the policyholder. The assurance of ‘protection’ is the core objective of term life insurance. In case of the sudden death of the policyholder a term life insurance policy acts as an income replacement tool for the family.
A survey conducted on respondents found that amidst COVID-19, half of them feel less secure on financial aspects. Forty-seven percent of women feel less secure as compared to fifty-three percent of the male population. Antworks Money is offering a trusted solution for term insurance, health insurance, and life insurance round the clock. Interested customers can buy term insurance online at a low premium.
Metro respondents due to better awareness about COVID-19 feel financially less secure. Although, the pandemic has its maximum hit in these cities. In metros overall, 64 percent of respondents express that job security, current business, and stable income issue happens to be more of a worry for them now in the prevailing COVID-19 situation. In Tier 1 cities this proportion is much lower at 51 percent. Likewise, 57 percent in metros, against 53 percent in Tier 1 cities, admitted that now the major concern of these families is the financial security in the absence of the breadwinner. According to the survey, the inadequacy of funds in case of critical illness is bigger anxiety for 57 percent of respondents in metros as against 49 percent in Tier 1 cities.
Life insurance ownership and security levels are lower for women with 73 percent in comparison to men with 78 percent owning life insurance. 53 percent of male populations feel financially secure, while only 47 percent of women expressed similar sentiments. Also, 59 percent of women are more worried now about the inadequacy of funds to meet critical illness costs in comparison to 50 percent of men feel than before coronavirus widespread. 58 percent women expressed their concern now about job security and income stability, while the proportions of men who have similar concerns are lower at 54 percent.
In the prevailing adverse COVID-19 situation, term life insurance cover and critical illness riders have proved to be the best solution for families. Hence, the demand for term covers and critical illness riders has tremendously increased according to many insurance companies report. Individuals in need can also visit Antworks Money at www.antworksmoney.com/term-life-insurance for the affordable Critical Illness Riders insurance online solution 24×7.
