Life insurance is a financial assurance for one’s family after his death. Before opting for a policy, various aspects should be taken into account. First of them is to be sure that you really need an insurance cover or not. The initial question that arises is ‘who should go for a life cover’. And the answer is – anybody who is earning and is concerned about his family’s future must have a policy. These days, the insurance policies are not only life covers but also some good investment tools. Picking up a policy at an early age can provide you a good sum of money at the time of maturity. So, it is advisable that everybody, married or unmarried, should have at least one Life Insurance Policy.
Currently, there are various types of Life Insurance Policies available. You can easily choose a suitable policy by carefully examining the various aspects and offerings. The basic information you should look for are – premiums, insurance cover and maturity benefits i.e., in monetary terms. Most of the insurance companies, these days, provide similar kind of policies. This makes it easier to compare and choose. If you have already made your mind on the maximum monthly premium you are willing to pay, then compare various offers with same monthly premium and choose the one that gives you maximum benefit. Alternatively, if you are looking for a specific life cover or maturity money then go for a plan that provides it with the minimum monthly premium.
The second most important thing is choosing the right insurance company for you. Have a brief look at the history and past records of the insurance company you are opting for. Check feedbacks of various customers on the internet or if possible you can personally meet some. Many of your colleagues, friends or relatives must be already having different policies. Consult them and share their experiences with their respective insurance companies. Many insurance companies become uncooperative at the time of claim. Avoid companies with such records. Generally, a company with a big annual turnover is more capable of paying for the claims.
You can take the consultation of an insurance agent before taking a decision. But do not completely rely on the information provided by him. Always keep in mind that the insurance agents are rather motivated by incentives and sales targets than providing you the most suitable policy.