Ideally, term insurance plan is a necessity for everyone – any individual who would like to provide life protection to their family members. Below are the groups of people who can benefit the most:

• Parents: Parents are often the family’s sole income and the only source of financial assistance for their children. Having a term insurance policy is thus the greatest approach to ensure the financial future of the children. In the same way that a term plan pays a death benefit to the policy beneficiary in the event of the insured person’s untimely death, a life insurance policy pays a death benefit to the policy beneficiary in the event of the insured person’s untimely death.
• Married Couples: Even if you are not present, a term insurance policy might provide financial security for your spouse. In the event of an unforeseen incident, the term insurance plan not only protects the recipient financially, but also covers the obligations.
• Young Professionals: Term insurance is highly suggested if you are a young professional who has recently started working. The reason for this is simple: you will get a larger level of coverage for a lesser cost.
• Taxpayers: Aside from providing life insurance, one of the key advantages of getting a term insurance policy is that it allows you to save money on taxes. The premiums for the term coverage are tax deductible under section 80C of the Internal Revenue Code. Thus, if you want to save money on taxes while also getting the benefit of life insurance, you should acquire a term policy.