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How to Buy a Life Insurance Plan?

Term Insurance Quote
  • 10th Oct 2021
  • 505

How to Buy a Life Insurance Plan?

Life insurance plans have become an important asset for almost everyone. After all, they ensure that your family is financially protected and cared for in the eventuality of your unfortunate passing. One of the benefits of today's era is the abundance of choices that we all have. However, when it comes to determining how to choose a term insurance plan, the process can get rather difficult and confusing.

Learning how to buy life insurance entails number of factors you need to look into. Therefore, to help you out, here is a step-by-step guide to help you make the best viable selection.

Step 1: Understand the Type of Insurance You Need

The three main forms of life insurance policy are term life insurance, universal life insurance, and whole life insurance. A term life policy with relatively low and affordable premiums may be the ideal option if you require coverage for a short period of time and want to protect your family. If you want to have coverage for the rest of your life while simultaneously increasing your savings, a whole or universal insurance plan is a good option.

Step 2: Determine If the Coverage Offered and Your Budget Are Aligned

In a perfect scenario, your coverage bandwidth would be at least 10 times your current revenue. You'll obtain an estimate of how much you'll need by taking into account probable extra loans, children's schooling, and other incidental costs. Ensure that you consider everything while settling on an amount so that your loved ones are able to care for themselves.

Step 3: Look at Different Premium Types

Make sure you choose a premium payment plan that fits your budget. In most cases, experts suggest that paying yearly rather than in instalments is better because paying modest sums of money on a regular basis usually results in a very large additional fee. Hence, make sure you choose a premium payment structure that aligns with your financial planning.

Step 4: The Rider Addition

Adding rider benefits to your life insurance policy is a given plus as it covers you for incidents like accidents, medical emergencies, etc. Also, premium waiver and certified insurability are two alternatives to explore. It's not uncommon for insurance plans to include one or both elements as part of the standard agreement, you will find exceptions. You can buy riders for an additional premium.

Step 5: Time to Commence the Hunt

You may start looking for insurance providers and evaluating rates, now that you know what sort of insurance you want and how much coverage you need. There are a plethora of options for online insurance. Among the most important stages in selecting an insurer is to conduct comprehensive research and aligning your and your family’s needs.

Step 6: Upload The Documents and Get Medical Exam Ready

After you have chosen your preferred coverage, completed your application form, and are familiar with all aspects of your customised insurance plan, your insurance company will conduct a medical examination. This is to ensure you are free of any terminal illnesses and so that the green light for policy purchase can be given.

Step 7: Pay the Premium and Seal the Deal

Pay the first payment when your policy purchase has been authorised and cement yours and your family's financially safe and secure future.

To summarise, how to get life insurance is not as difficult of a task as it may appear. You can always seek professional assistance along the way, plus there is the option to get life insurance online. These professionals will also help you choose the best plan that matches your needs and requirements. When you have the opportunity to prepare for the future, why not take it? Make your choices today!

- A Consumer Education Initiative series by Kotak Life

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