• Determine the amount of cover you need: First thing to do is to find out what is the level of life cover you should buy. This is very important as higher cover will attract higher premium and if you don’t need it, extra cover will be wasted. On the other hand, if your cover is quite less, it will not be sufficient to provide you with requisite protection, should you need it. in case, you are not sure what is the optimum cover for you, then contact an independent insurance broker. • Decide on what your policy should cover: One important thing when buying a life insurance policy is to decide what your policy should cover. This can save you money as redundant cover can needlessly cost you money. E.g. if you already have a separate disability cover, you can skip this rider while buying a life insurance. • Choose the type of life insurance policy: There are various types of life insurance policies available in the market. They range from the cheapest term policy to the most expensive unit link insurance policy. • Fix the term of the policy: Decide how long you want the policy to cover you. If you want the policy to cover you till you die, go for whole life plan. In all other instances, you will have to renew the cover once the policy expires. • Ask for life insurance quotes: After you have decided on the cover, exclusions and term of the policy, you must ask for life insurance quotes. The premium charged for your age and for your life cover will vary amongst the different insurance companies. So it is better to ask for life insurance quotes from various companies to get a fair idea of the amount you will have to pay as premium. • Compare the life insurance quotes: After you get life insurance quotes from various insurers, study them thoroughly. Find out what each of the policy covers and what it excludes. Shortlist the policies that fulfill your needs. • Get a feedback about the customer service of the selected insurance companies: Visit the various consumer forums, consumer review websites to find out the user experiences about the customer service of the short listed companies. The important thing to observe here is how soon the company settles the claims. Also find out what happens in case you misplace the policy and the surrender value of the policy, if you are unable to continue paying the premium.
To buy a life insurance, you can either contact the insurance company directly through their website or customer care number. Alternately, you can contact an independent broker who can tell you the benefits and drawbacks of various policies and who gives you the choice of selecting between policies offered by various insurance companies. You can rest assured; you will get an unbiased advice from an independent insurance broker.
Business Planner and Marketing Manager Online Employed with Bharti AXA Life.
No comments:
Post a Comment