Term Insurance - Which Term Insurance Plans You Should Prefer

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Term Insurance
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Which Term Insurance Plans You Should Prefer
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• Issues related to buying online term insurance
  can be resolved easily if person knows his actual
  requirements and how to address them with correct
  products.
• There are 24 life insurance companies in
  India available in the market and provide more
  than thousand plans across segments such as
  endowment, term life, child plan, money back,
  ULIP and annuities and so on.
• These policies are available with a wide range of
  riders and other options. As a customer, if you
  really want to make sense out of all your
  requirements, then you must know three things
  which are mentioned below
• Your needs
• Coverage period
• Process of buying
• Instead of focusing on their sales speech, know
  your two fundamental risks in life.
• Early demise
• Living too long

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• If you die at young age, you leave your family
  without sufficient financial support. On the
  other hand, second scenario leaves you with
  inadequate financial support in your old age. It
  is advisable to consider the impacts of these two
  risks.
• If your family is dependent on your income, then
  you have to make sure that your loved ones
  continue to enjoy the same standard of living in
  case your income is no longer available to them.
• In this scenario, buying term insurance plan is a
  smart move as this policy pays the beneficiary an
  insurance amount equal to the sum insured in the
  event of policyholders demise.
• Generally, customers require that fund to be
  equal to their salaries. Usually, it has been
  observed that people insure themselves up to the
  age of anticipated retirement. Buyers can
  purchase life insurance online or from an agent.
• The product cost is fixed, so just do online
  comparison to get the best deal. Mention all
  information correctly in the application form to
  avoid claim rejection.

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• In India, life expectancy is below 70 years of
  age and majority of people have sufficient
  retirement savings which will be enough for few
  years post-retirement. But, what if you live more
  than that age? Today, employers are not offering
  guaranteed lifelong pension and hence, will
  depend on their children for financial support.
• To avoid such situation, start thinking about how
  to handle these risks.
• Annuity is a completely different concept and to
  buy it, customers have to pay lump sum money.
• In return, insurance companies in India pay a
  guaranteed monthly income to policyholder until
  your partner is alive.
• But, do not invest your complete retirement
  savings into annuities.
• Source http//www.policyboss.com/blog/term-insur
  ance/which-term-insurance-plans-you-should-prefer

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