Choosing the Best Life Insurance Policy
Choosing the best life insurance policy is a no child’s game. You need to consider various inputs as listed in this article to get best life insurance policy.
First let’s get ourselves enlightened with the role life insurance policy plays in our lives.
Role of Life Insurance in India
One reveals himself or herself about life insurance policy’s worth after marriage. It is after marriage when one experiences whole lot of and new set of responsibilities. These include planning for children’s education as one such responsibility.
We all know that getting quality education has become expensive and will continue to especially in private schools and colleges. And to think for your child anything worth comprising is not a good idea. Perhaps no parent would think like that. However, due to uncertain events in future there may come a situation which may lead to comprise. However, if thus compromise reaches to the extent of comprising your children’s education it would hurt you as a parent the most. Hence, it is always better to be safe than sorry. The old saying stays tall for such instances. You all have heard this, “Prevention is better than cure.” And getting life insurance in Indian is one such magnificent step ahead towards securing your child’s future during any future circumstances.
This was just one example. Getting life insurance policy helps a person to stay assured that even after when he is not there, it won’t lead to depressing situations for the family like paying for mortgage, children’s marriage and education.
Further, you will know the 2 most important factors you should consider to get best life insurance policy,
- 1. Sum assured amount should be adequate
Usually, family members rely on the major finance earner for majority of financial support. And when some dire situation arises where the main supporter of the family dies it causes a breakdown for the entire family. Having a life insurance policy ensures that your family does not get submerged under hefty liabilities like children’s education and paying mortgage bills. However, for this you must ensure that the sum assured amount is enough to cover all such costs.
- 2. Analyze all the existing and potential fixed costs before selecting a plan -
This particular step is extremely important. It’s because once you know the existing and potential fixed costs you will be able to decide an appropriate life insurance plan offering a particular sum assured amount over a period of time.
Essential financial obligations include high fixed obligations like home loans, education loan & medical loan. And the situation worsens if the family is unable to pay the debts after the demise of the bread winner. However, possession of life insurance policy will help the family deal efficiently with such fixed costs.
For a family loving person, nothing is more painful than seeing his family unable to cope up with medical expenditures after his death. For a parent or husband shouldering majority of the responsibilities of a family, if he loves his family then he will get a comprehensive life insurance policy.