Insurance – A financial security for your family

We all want to protect our family from any financial crisis whether we live or perish from the world. The very thought of our family getting into heavy debts, selling of property to clear debts shatter our minds. Therefore, we try to build a financial security blanket around them to live up to such crisis time. Life insurance offers the necessary financial cover to our dependents at a time when we are no longer around to support them. This policy provides them adequate financial cover so that the dependents can achieve their financial goals or in the least maintain their existing lifestyle.

Term plans are one such unique plan which is worth to  look at. They provide life cover with no savings or profits component. Purely, cover in nature it is a plus point for individuals who are looking for just a life cover without the savings. Term plans come at affordable rates as premiums are cheaper as compared to other life insurance plans. That is why these plans offer the highest life cover at the lowest rate.

However, often customers are confused which is the best term plan for them. The article gives you some tips to choose the best plan for your family welfare.

Company Feedback

Your life insurance company feedback plays an important role. A trust is built on reputation nurtured carefully over decades of expertise and mutual co-operation. You need to evaluate the experience of the life insurance company and its partners, their track record in providing solutions, desired results, standing in domestic landscape and credit ratings.

Solution Capability

The stability and financial standing lies in determining the solution capability. It is about how well the companies executes the pending and existing claims and grow the business without getting busted. Companies do provide information on websites; take your agent’s help in understanding the information and then take a decision.

Expenses

Expenses play an important role in determining the best term plans. Look for plans with the lowest expenses as this translates into lower premiums for the same cover. It is advisable when you’re young term plan comes at highly low premium rates. Look for companies that are offering discounts for non-alcoholic or smokers which again helps you in setting low premiums.

Riders

The best term plan will provide benefit in all the angles covered. One of the ways would be attaching a rider to your term policy. A critical illness might entitle to receive the sum assured on being diagnosed with the critical illness.  There are other riders like disability cover, loss of employment cover, waiver of premium cover, among others. Select a rider based on individual and family needs since they can add considerable value to the life cover.

Cover Enhancing

This is a feature offered by some insurers that offers to enhance the life cover during critical walks of the policyholder’s life. At regular intervals in walks of life such as getting married, pregnancy, child education, old age policyholders are allowed to enhance cover as responsibilities increase along with their ability to pay higher premium. Initially they start with modest cover.

 

Convenience

Today, buying a term plan has been made easier thanks to the internet. It is now possible for people to buy a term plan on the company’s website without taking a medical test. Purchasing online would help you build the Best Term Insurance plan as they comes 30-40% cheaper besides you don’t have to pay commission to the agents who at times might sell an irrelevant policy to you only for their benefits.