Points To Remember Before Buying Life Insurance Policy
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If you are in the market for a life insurance policy in India, then there are several things you need to know before you make a purchase. Here are some of the most important:

• Familiarize yourself with the types of insurance available - There are two types of life insurance: (1) cash value and (2) term life. Cash value insurance comes in the form of whole life, variable life, and universal life. Term insurance is more affordable in terms of premiums. What is ‘best’ for you depend on your needs and ability to pay.

• Go online and compare – It’s now easier than ever to compare life insurance premiums and features, thanks to the internet. India’s leading online insurance comparison websites can lead you to the best value.

• Talk to an expert - Talk to a reputable insurance -expertswho can evaluate your needs and gives you information on policies that match those needs. Actual insurance professionals manage some of the best insurance comparison websites in India, so you always get clear advice. This is essential if you are having a hard time understanding the differences between the types of life insurance policies available.

• Determine how much coverage you need – Are you the sole breadwinner? How many people depend on your income?In the event you pass away, how will your family pay expenses and repay debts you might leave behind? Compute for the coverage and term you need based on your answers to these questions. You also need to take into consideration how much you can afford to pay in terms of monthly or annual premiums.

• Re-evaluate your current life insurance policy - If you own a life insurance policy but are not happy with it, don’t cancel it right away. Wait until you have completely switched to a new one. Reassess your current policy before you ditch it out. You might not even have to cancel it—perhaps you can simply alter it in order to get the benefits or coverage you want. Talk to your- insurance consultants about the possibilities.

• Make sure that you can comfortably afford the premiums - Before buying a life insurance policy, you have to be absolutely sure that you won’t have a hard time paying the premium payments. Are there any scheduled increases? Be sure you can handle those.

About the Author

Suggestinsurance com is the online identity for I IRDA approved insurance broker – S B Insurance Brokers Pvt Ltd. On SuggestInsurance com we offer quotes from leading insurance companies and let the customer explore the insurance plans, get their details, view and study brochure and other documents, compare features and benefits of these plans side by side and then take a decision.


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