My Approach to Comparing Life Insurance

1
My Approach to Comparing Life Insurance

• As with most things in life, doing some research
  on, and learning about life insurance before
  investing in one, helps in choosing the right
  kind of Policy that fits individual needs. Since
  insurance policies are long Term and involve
  regular payment, it is imperative that you
  compare different types of policies before
  zeroing on one.

2
My approach to comparing life insurance will be
based on the following factorsWhat are my
needs and requirement? I would choose a Policy
that provides a cover that amounts to at least
ten times my annual income so that my familys
future is secure. And it is not just my annual
income but also my liabilities like home loan,
car loan and so on, which need to be considered.
Then, there are major expenses like childrens
education, marriage, health condition and other
needs as well. To me, it is important to insure
and also secure returns from savings and
investments.
3
What does the insurance company offer? The
insurance companys credibility, their customer
service capability, details of the Policy that
are on offer, track record in settling a Claim
(claim settlement ratio) and their network
support are important factors to consider. I will
research websites that help me compare life
insurance based on my requirements. I would also
check stability of the fund performance in case I
choose to buy unit linked insurance plan.
4
What is my insurance Policy all about?
What does my Policy mean to me in terms of its
duration, Premium payments, Maturity date, tax
benefits etc? Are there other benefits that I
could avail? Insurance or investments need to be
informed decisions to yield optimum returns.