Why you should never judge a Life Insurance Policy by its low premiums?

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Life Insurance Policy
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Why you should never judge a Life Insurance
Policy by its low premiums?
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Introduction
If you are looking to buy a life insurance
policy, chances are that you would want to buy
the cheapest one. After all, buying life
insurance does not help you when you are alive.
So why spend so much on it? 
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Financial Instrument 
one should never approach purchase of life
insurance with that mindset. Real purpose of a
life insurance is neither an investment nor
tax-saving. It is simply a financial instrument
that takes care of the financial needs of your
dependents when you are not there. So if you buy
an inadequate coverage just because of low
premiums, remember that it will be your family
that will suffer in your absence. They will not
have sufficient income for regular expenses. And
God forbid, if you have a loan, then lenders will
come after your family for repayment. That can be
a scary scenario.
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Claim Settlement
Having said this, there are 2 more factors apart
from premiums, which you should consider while
buying life insurance policies.  First is to
look at the Claim Settlement Record of the
insurance companies. Always ensure that you
purchase insurance from a company that has a high
claim-settlement ratio, at least above 95. This
will ensure that chances of your family getting
the claims are high.  Next important factor to
consider is the Claim Pending Ratio. This is
important because it gives an idea of the time
taken by the insurer to settle legitimate
claims. A high claim pending ratio usually points
towards company's inefficiency in processing
claims and more importantly, potential for
causing trouble to your family, which might have
to run after company officials to get the claims
acknowledged.
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Conclusion
When you buy Life Insurance Policy , you not only
want that your family gets sufficient money but
also, that they get it quickly and without any
hassles. So make sure that you dont just look at
the insurance premiums when you decide to buy
your insurance policies.
Source http//bit.ly/2cikNe3
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