Choosing the Best Life Insurance Policy
by Mihir Shah Baja AllianzChoosing
the best life insurance policy is a no child’s game. You need to consider
various inputs as listed in this article to get best life insurance policy.
First
let’s get ourselves enlightened with the role life insurance policy plays in
our lives.
Role of Life Insurance in India
One
reveals himself or herself about life insurance policy’s worth after marriage.
It is after marriage when one experiences whole lot of and new set of
responsibilities. These include planning for children’s education as one such
responsibility.
We
all know that getting quality education has become expensive and will continue
to especially in private schools and colleges. And to think for your child
anything worth comprising is not a good idea. Perhaps no parent would think
like that. However, due to uncertain events in future there may come a
situation which may lead to comprise. However, if thus compromise reaches to
the extent of comprising your children’s education it would hurt you as a
parent the most. Hence, it is always better to be safe than sorry. The old
saying stays tall for such instances. You all have heard this, “Prevention
is better than cure.” And getting life insurance in Indian is one such
magnificent step ahead towards securing your child’s future during any future
circumstances.
This
was just one example. Getting life
insurance policy helps a person to stay assured that even after when he is
not there, it won’t lead to depressing situations for the family like paying
for mortgage, children’s marriage and education.
Further,
you will know the 2 most important factors you should consider to get best life
insurance policy,
1.
Sum
assured amount should be adequate
Usually,
family members rely on the major finance earner for majority of financial
support. And when some dire situation arises where the main supporter of the
family dies it causes a breakdown for the entire family. Having a life
insurance policy ensures that your family does not get submerged under hefty
liabilities like children’s education and paying mortgage bills. However, for
this you must ensure that the sum assured amount is enough to cover all such
costs.
2.
Analyze
all the existing and potential fixed costs before selecting a plan -
This
particular step is extremely important. It’s because once you know the existing
and potential fixed costs you will be able to decide an appropriate life
insurance plan offering a particular sum assured amount over a period of time.
Essential
financial obligations include high fixed obligations like home loans, education
loan & medical loan. And the situation worsens if the family is unable to
pay the debts after the demise of the bread winner. However, possession of life
insurance policy will help the family deal efficiently with such fixed costs.
Conclusion-
For
a family loving person, nothing is more painful than seeing his family unable
to cope up with medical expenditures after his death. For a parent or husband
shouldering majority of the responsibilities of a family, if he loves his
family then he will get a comprehensive life insurance policy.
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Created on Dec 31st 1969 18:00. Viewed 0 times.