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Ref. No. KLI/22-23/E-BB/492
You should regularly consider reviewing your life insurance policy to determine if the coverage in your policy is still appropriate for your situation. Read on to know more.
Most life insurance buyers in India buy a policy and then tend to forget about it. However, such an approach can be detrimental to your finances in the long run and defeat the purpose of buying the policy, which is to safeguard your family’s financial future.
A policy you may have purchased, say 5 or 10 years ago, may not provide you with the same coverage benefits to suit your current needs. This is why many insurance experts worldwide recommend the policyholders to review their policies every year during renewal. As you go through different life stages, your financial standing, responsibilities, liabilities may not be the same as it was a couple of years ago or even last year, for that matter.
One of the most significant benefits of reviewing your policy periodically is it helps you determine if the policy coverage is in line with your current financial situation/needs.
As you grow older, your life insurance needs may change too. And it is vital to address these changes and adjust the policy coverage accordingly. If you have not reviewed your policy for long, it would be best to do it today. Let us also discuss a few other situations when you must review your life insurance policy .
Getting married or becoming a parent is an important milestone event in life. While you celebrate the occasion, it also brings newer responsibilities. This means it is a good time to review your life insurance policy.
Marriage or having a baby means a new member gets added to your family. Considering this change in the family status, you must have enough life insurance cover to give your family enough financial cushion if something happens to you. The insurance cover must provide your family with enough funds to sustain themselves until they are financially independent.
When you start a new family, you may avail of a home loan. While you may be happy to move into your dream home, you must also realise that a home loan is a huge financial responsibility. Hence experts recommend buying a term plan for the same or more amount as your home loan amount.
Alternatively, you can review your existing plan to check if the coverage is enough to cover the mortgage and increase the cover accordingly. This way, you can be assured that your family does not have to bear the repayment burden in the event of your untimely demise.
Over a period, as you grow old, your income status may change for the better. You may get a promotion at work or a salary hike, and such changes in your finances call for a fresh insurance decision.
When you switch jobs or change careers, you must review your policy to see if the coverage is enough to help your loved ones maintain their current lifestyle and meet future expenses even in your absence. If you think the cover is not in line with your needs or is insufficient, you may increase the cover proportionately.
One of the best ways to ensure sufficient insurance cover is to consult an expert who can guide you through the entire insurance review process. You can consult our team of expert advisors at Kotak Life Insurance by sending a simple Hi on our WhatsApp service 9321003007, and our advisor will get in touch with you immediately.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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