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Ref. No. KLI/22-23/E-BB/492
A simple 7 step approach on how to buy a life insurance that shall benefit you and your family in case of any uncertainty.
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.
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.
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.
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.
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.
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.
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.
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!
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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