The first and foremost thing to look at is the amount you will be covered for through your insurance. You are required to choose the sum assured before the commencement of the policy.
This is the time for which your policy will be active. Life insurance policies come with different terms. They can range from 10 years to even covering for you till the age of 100.
The life insurance policy should be flexible. These can be in the form of providing multiple payment options, freedom to choose the mode and duration of payments, etc.
Make sure you do read the terms and conditions part associated with the policy thoroughly.
Last but not least is to consider the claim settlement process of the insurer. Go through the process so that you know the steps involved to get the claim.
Anyone who has dependents or wants to provide financial security for their loved ones can benefit from life insurance. This includes parents, spouses, and anyone who has debt or financial obligations.
There are two main types of life insurance: term life insurance and permanent life insurance. Term life insurance provides coverage for a specific period of time, while permanent life insurance provides coverage for the policyholder’s entire lifetime.
The amount of life insurance you need depends on various factors such as your age, income, debt, and financial obligations. Generally, you should aim to have enough life insurance to cover your debts and provide financial support for your loved ones for a certain period of time.
The cost of life insurance depends on various factors such as age, health status, occupation, and the level of coverage you choose. Generally, the younger and healthier you are, the lower your premiums will be.
Yes, you can change your life insurance policy if your needs change or if you want to increase or decrease your coverage. It’s important to review your policy regularly to make sure it still meets your needs.
