Life, being uncertain, life Insurance is a financial cover for a contingency linked with human life like death, disability, accident, retirement etc. Though life cannot be measured in monetary terms and the loss is irreparable, buying the right policy ensures that your dependents are at least shielded financially. There are a plethora of policies available in the market. Some are the endowment; some are term plans; some say the term life insurance quotes no medical exam required etc. Follow the tips below to choose the right policy.
- Check the company’s rating. Many reports analysing the financial health of the company are available online. Spend some time to do your homework. Go for companies, which have the best rating, but this is only the first step. After zeroing down on few, consider other features as well.
- Call the agents of the companies you have zeroed in to explain the policies in person. Prior research will help you to ask questions and clear your doubts. Don’t get intimidated to buy something. Take your time to decide.
- Understand your needs and buy an adequate cover. Don’t get bullied into over-buying. The premiums should be such that you can easily pay and not let the policy lapse because of non-payment.
- Don’t be overwhelmed by the worst case scenarios the agents normally give you. It is the need of the hour and buying it does not mean that the worst case scenario will come true. It is just the precaution you are taking for the unforeseen.
- Go for companies, which have the settlement ratio of 80% and above.
Buying the right policy is a big decision and you should take all precautions to choose one.