Once you have identified the need to take life insurance, you should know about getting some basic steps right to select the best life insurance policy.
Select the best life insurance plan/policy in 3 easy steps
- Engage an insurance advisor : While this may seem trivial, engaging a reliable and competent insurance advisor at the initial stage in your quest for life insurance is critical.Most individuals are not capacitated to take a decision by themselves and need the expertise of an insurance advisor.
- Calculate the life cover : The insurance advisor will help you calculate the amount of life cover – or the sum assured. He will assess sources of your income, number of your dependents, your debts and liabilities and your expenses based on your lifestyle and arrive at a life cover.He will also decide the best plan be it – a term plan, endowment plan, unit-link plan or a combination of plans, to help provide you with an optimum life cover.
Likewise, if you have other needs like planning for your child’s education or marriage, pension for your retirement or a woman’s insurance plan for women, trust your advisor to do the math and come up with an ideal solution.
- Compare insurance plans : Since there are many insurance companies in the market offering a variety of plans, you need to be sure you select the most suitable one.The insurance advisor will do the homework by comparing life insurance plans from various insurers across relevant parameters recommending the most apt plan based on your needs.