Term Insurance Plans

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Choosing the Right Type of Life Insurance

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Buying life insurance sets you free from the worries of what would happen to your family if you were not there. Once you are adequately covered against this risk, it helps you and your family live life with greater enthusiasm and energy.

There are myriads of options when it comes to choosing the right insurance Policy for ensuring financial security of your loved ones. Life insurance is not just about choosing the right sum assured, but it is much more than that. There is an overwhelming choice in life insurance and sometimes it is difficult for people to decide which one to buy. As buying an insurance policy is a very important decision, you need to prudently evaluate all options before taking the decision. Some suggestions that will help you take the right decision are mentioned below.

1) Check Your Options - Do not blindly buy the first life insurance policy that an agent would offer you. It is quite common to find people buying policies not because they understand its value, but because the agent wanted them to buy. Very few people care to understand the options that they have and whether or not the one they are buying meets their needs.

2) Evaluate Your Premium Paying Capacity - When Risk Coverage is your most important need and your premium paying capacity is compromised, prefer a pure Term plan over a ULIP / endowment / Money Back Policy which combine investment with insurance. For the same risk coverage, the premium that you would need to shell out in endowment/money back / ULIPs would be far more than in term plans.

3) Do not Mix Insurance and Tax Saving - Avoid buying life insurance just for the tax benefits.

4) Do not Take a Decision in Hurry - Invite as many agents or sales people to learn about the various options you have for your needs. Do not shy away from asking questions until you are really clear about the policy terms. Quite a few agents would want to rush you into taking a decision as early as possible, but beware of them and avoid getting into pressure.

5) Understand the Policy Terms Clearly - While dealing with agents, ask them to fully explain what is offered and also what is excluded under the policy terms.

6) Make Comparisons - Invite quotations from multiple companies and do not forget to compare online.

7) Buy only What is Necessary - Do not stretch yourself into buying too many Riders or benefits, unless you see real value in them and also make sure the premium that you would need to pay is affordable to you in the longer run. If you miss on the payment of insurance premium, it is likely that your insurance coverage will lapse.

8) Get insurance Early in Life - Insurance plan should be brought early in life as this will help you save a lot on annual premiums. The premium payable if you are in your twenties would be much lower than what you would have to pay if you are in your mid or late thirties.