6 Things to Consider Before Buying a Life Insurance Policyby Aditya Sehgal Blogger
Did you know that purchasing life insurance plans is one of the most prudent ways to ensure the financial security of your family in your absence?
Yes, life insurance plans work as a protective shield you can rely on to offer financial leverage to your family in the event of your death.
You can find many life insurance cover providers these days that claim to provide you the best life insurance for women and men.
Nevertheless, you need to mull over some elements before you go and buy life insurance policies. Have a brief look:
How much life insurance cover is required?
One of the major things to consider before buying life insurance plans is deciding – how much life insurance cover do you need? How much should you apply for also depends on your affordability of the life insurance premium! You can also utilize an online term calculator to help you make a uniformed decision.
Which life insurance policy would suit the best of your needs?
There are many kinds of life insurance policies that are available these days. You should choose one based on your assessment of your current and future needs. Before buying life insurance plans, here are some things that you need to look such as:
The total sum assured on your policy
The vital exclusions and inclusions of the policy
The total premium amount to be paid
What is the minimum lock-in period of the insurance policy?
Whether your life insurance policies have cash value or not
What are the benefits of the insurance policy?
Life insurance plans has bucket of advantages such as add-ons, riders, cash value, in-built critical illness benefits and more. Some advantages may differ from policy to policy and you should read the fine prints of your life insurance plans to be double sure.
What makes a suggested policy unique from the rest?
With the help of an online insurance comparison tool, you will be able to compare numerous policies online and opt for one that suits your needs the best. The tool will also help you make out the differences of the policies pitted against rest.
What will happen if you don’t pay the premiums on time?
Yes, there may be some occasions in life that may lead you to miss out an insurance premium date. It is very natural to happen and have occurred even to the best of the managers. Thus, you should always know the consequences if you miss out any premiums. Always make it a habit to read the terms and conditions of your life insurance plans.
Are insurance agents reliable?
If you are applying for offline life insurance plans, you should make it a point to check if the charge levied on the plan is real or not. Some agents may cheat you and give you a wrong computation of the charges. As a result, make sure to walk to a service provider’s office and be clear.
What’s more, you can always go ahead and apply on a leading life insurance service provider’s website online and stay away from all middlemen and save money.
The Bottom Line
Now that you know the basic things related to life insurance plans, you will be in a comfortable position to manage it. Why considering these aspects are vital?
When you know the basics of anything including insurance products, you can buy life insurance plans confidently knowing its ups and downs!
To know more about life insurance policies, visit Bajaj Finserv.
Created on Jan 9th 2018 23:49. Viewed 859 times.