Term Insurance Plans

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Rules to Follow Before Buying an Insurance Cover

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Do you have an insurance coverage? Not yet? Thinking whether to purchase an insurance Coverage or not? or, if your question is what life insurance is, then just read on because this article is intended to take you through the essential rules that need to be followed before buying an insurance coverage.

1.Level of Sum Assured

As a general rule of the thumb, your savings will slow down as you start aging. This is because of the increased loans and other financial commitments that you’ll probably be entangled in. If you are less than 40 years, you will have fewer financial burdens. But as you reach above 40 years of age, you will have to handle bulk of your household expenses including your children’s education, bank loans, jewellery loans, car loans, mortgage loans etc. So, depending on your expenses, you may choose the level of sum insured.

2.Policy Tenure

The younger you are the more should be the tenure of your life insurance policy. That is, it can be equal to your retirement age minus your present age. It will also entail less amount of premium.

3.Should You Buy Riders When Purchasing Your Insurance Policy?

Riders are like the butter and jam for bread. The Term life insurance might cover only losses that are caused during death. Riders prove to be handy when the Insured suffers from Critical Illness or accidents. So, it’s always good to go for additional protection when purchasing your term insurance.

4.Whom Should You Buy From?

As there are oodles of insurance companies in the market, it can be really painstaking to find the best life insurance companies. The best way out is to compare life insurance policies of the top insurance carriers and choose a Policy that complements your budget and convenience. A word of caution though is, make sure that you go through the terms and conditions mentioned in your policy. If you have any queries clarify them with your Insurance Broker beforehand.

5.What Kind of Information Should You Disclose?

Before signing up, your life insurance companies will ask you to disclose some important information. It may range from questions on your health to earnings and submission of documents. Here is some information you are likely to be asked to disclose:

Medical history – Includes detailed information on Pre-existing diseases and existing medical illnesses. Family’s medical history.

Whether or not you smoke or drink.

Height, weight, identifications etc.

Sources of income and dependants.

Existing loans or other insurance policies.

Xerox copies of PAN card, birth certificate, salary slip or income proof etc.

Who is your Beneficiary (your spouse, children or parents)

It’s good to have multiple insurance policies for different purposes at different premiums.

Hope you would have gained a good amount of knowledge about life insurance policies and benefits after reading this article.