Unexpected events do happen in our life and may come in any direction.
If life is so smooth as it has to be, this blog would not have been visible.
Term Life Insurance is very essential for those who are financially dependents on their monthly income and always helps to care for the family in case of sudden demise of the bread earner at home.
What to consider when buying a Term Life Insurance?
Ø Always calculate your monthly expenses in family and consider 100 times of it as a minimum sum insured
Ø Also, check the current loans/liabilities that you may have as a liability
Ø Consider your future goals/plans that are set on family-like child education, child marriage, etc.
Ø Consider the inflation for the next 10 years
Ø Most Importantly, always plan for the higher term of the policy
Once you consider the above options, you should be able to ideate the cover you would require.
Now, while choosing the term life plan look for the claim’s settlement ratios of the Insurers and compare with the pricing of each Insurer.
A Term Life policy is available in various payment options like Annual Premium Payment Mode or you can choose a Limited Pay option too, i.e., completing the policy in 5-10 years option for the rest of the term.
You can choose the term till 85 years or more than that if required.
Note: The beauty of the Term Life Insurance is, the early you start the lesser premium you pay. You get a section 80C benefit too under Income Tax.
Aside, you can also contact the Insurance Broker to help you in guiding the right policy.
Email at – Sarath.email@example.com for more info.