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Tuesday, December 6, 2022

How to Choose Life Insurance Coverage

Choosing the right life insurance cover is a crucial decision. Your loved ones’ lives will be directly affected by it. However, it is not the only thing you need to understand while choosing life insurance. Below you will find a few tips to help you make an informed decision:

Add riders to your policy 

You can further make the coverage more comprehensive by including riders. Various riders Like Critical Illness & Disability Rider, Waiver of Premium Plus Rider (WOP), or Accidental Death and Dismemberment Rider are available to add benefits under specified situations. Before you include a rider in your policy, be sure to check its terms.

Critical Illness & Disability Rider, Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider, Waiver of Premium,Accidental Death and Dismemberment Rider 

Use Life Insurance Calculators 

Calculate the premium payable for a specific life insurance policy using online calculators before you buy it. It is quite easy to use them, and you can check how the premium varies with different sum assured, the policy period, payment mode, and payment term.

Buy Life Insurance Online 

Buying life insurance online has many advantages, such as the ease of comparing different plans, affordable premiums, and quick policy purchase. You can buy the policy from the comfort of your home or office without having to visit a local agent or insurer’s branch office.

Frequently Asked Questions (FAQs) 

How much term insurance do I need at the age of 30? 

A. Specific life insurance policies may not be suitable for everyone. Hence, you need to consider a variety of factors such as your income, expenses, and liabilities, if any, when choosing term insurance coverage.

Is it advantageous to buy life insurance policies online? 

A. There are several advantages to buying life insurance online. You can easily compare various policies and their benefits online, match them with your needs, and then make a buying decision. It also helps save money because of lower premium.

How much life insurance do you need for retirement planning? 

A. Choosing a life insurance plan that will pay regular payouts in your later years of life is a good way to plan for your retirement. How much coverage you need depends on the lifestyle you want during those years without financial stress.

Is it compulsory to add riders to a life insurance plan? 

A. Whether you wish to add riders for extended benefits is entirely up to you. You can check the rider benefits and include them if they fulfil a specific need.

Who will receive the life insurance coverage amount after my death? 

A. The policy nominee or beneficiary you choose while buying the policy will receive the death benefits. 

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