5 Important Things To Know Before Buying Life Insurance Policy

No one can guess the future of life. Every aspect of life is now getting tangled with money, so you should be financially ever ready to face any kind of challenge. If anything happens to the earning person of the family and if that family needs to survive financially, life insurance plans are must.
things-to-know-before-taking-insurance-policy 
Table of contents
1. Insurance policy is important but many people are seeing this as an investment plan or tax benefit plan. What is the advise for such people ?
2. What should be the policy value ? How to choose it ?
3. What types of insurance policies are available and the benefits that insurance companies are offering ?
4. Advice for the people who are taking insurance policy for first time.
5. How to take online insurance policies and tips that will help ?


1. Insurance policy is important but many people are seeing this as an investment plan or tax benefit plan. What is the advise for such 
people ? 
The main motive to take life insurance policy is to provide financial support to the family incase of if anything happens to main earning person of that family. Any other types of investments should not be compared to life insurance. While taking a policy children education , marriage, debts, assets, remaining service and other factors should be considered. Tax savings is always only a additional benefit.

2. What should be the policy value ? How to choose it ? 
  • A policy that is 10 times your annual salary should be taken.
  • Use insurance calculators on the company websites to decide on the policy value. This is the simplest way. 
3. What types of insurance policies are available and the benefits that insurance companies are offering ?
Insurance companies are adding new benefits to policies regularly. Unit based policies that offer savings  and insurance  and term policies which offer only insurance are getting additional benefits like children education.

4. Advice for the people who are taking insurance policy for first time.
  • Analyze your financial status
  • Evaluate future expenses and needs
  • Know the long term benefits of policy
  • Know the policy premium to be paid and the duration.
  • Do not get troubled after taking a high premium policy because it is important continue the policy.
5. How to choose online insurance policies and tips that will 
help ? 
Term policies are presently popular online policies as the insurance companies are giving more coverage with less premium. Online policies will be more transparent and you will get receipt of the payment immediately.
  • In about 3 weeks you will get policy confirmation from the insurance company.
  • You might be asked to take health tests.
  • You will get insurance policy papers by email and by post.

Related Posts

5 Important Things To Know Before Buying Life Insurance Policy
4/ 5
Oleh

Reviews & Comments