Decided on buying Life Insurance? Life Insurance is the only financial instrument that keeps your life goals protected, even in your absence. With the right selection of life cover, you will surely be at peace knowing that your family is protected and financially safeguarded.
Use your Life Insurance as a backbone to your financial plan, and opt for a plan that suits you best. Here are a few things for you to keep in mind when buying Life Insurance.
Planning is everything
It’s important to review all of your financial needs as well as understand what the requirements are for you and your family's future. Doing this makes it easier to decide which Life Insurance plan you need, how much and for how long.
Evaluate, don’t speculate
Take a detailed look at your loans, EMIs and debts. Determine the period you will need to repay them all; this will help you decide on the amount of coverage that you require to cover all that debt.
How much and when?
It is important that you to decide the amount of premium that you can pay as well as decide on the frequency of payment that you are comfortable with, not just for now but in the future as well.
Who depends, who aspires
Take account of the number of dependents you have and the extent of financial support they need. Keep in mind your children's education, your spouse's well-being, your parents' comfort, family goals of buying a house and a vehicle and more.
An added advantage
When you invest in a Life Insurance policy, do look at the various riders you could add on to your policy. There are various policy add-ons available for specific needs such as protection against critical illnesses, accidental death, etc. The benefits provided by these riders come at an additional cost but are an added advantage.
The essence of life insurance is to help you and your loved ones in the time of need. Invest in a Life Insurance product that not only fulfils your requirement but is a comprehensive offering. You can use all of the above-mentioned factors as essential guidelines before you choose the right policy. Your and your family’s needs should guide your purchase so do discuss this with your spouse or family members before you take the final call.