How to Choose the Best Investment Insurance Policy?

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How to Choose the Best Investment Insurance
Policy?
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• We are all aware of the importance of a life
  insurance policy. However with the numerous life
  insurance companies and policies, how do you
  select the right one suited to your needs?
• One of the first things you would have to
  determine is the amount for which the life
  insurance policy is to be taken. This is
  determined by factors such as your age, income,
  number of dependents, and the like. One way to
  calculate the insurance amount is to multiply
  your total annual income by six-this is the face
  value for which the insurance is to be taken.
  Another consideration, of course, would be the
  amount you feel comfortable in setting aside for
  paying premiums.

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• Next is the task of choosing the right type of
  insurance policy. The different types of policies
  include
• Whole-Life - here, the policy usually runs as
  long as the policy holder is alive
• Term Life - this is for a set duration only
• Universal - this policy allows the policy
  holder to shift money between the insurance and
  savings components
• Endowment - such a policy covers the risk for a
  specified period, at the end of which the Sum
  Assured is paid back to the policy holder along
  with the entire bonus
• Children's policies - these are policies by
  which parents or guardians can provide for
  life-insurance of their children from birth
• Money-back policies - these provide for periodic
  payment throughout the term of the policy

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• The names by which these policies are referred to
  would again differ from company to company. The
  choice of the policy would depend upon your
  needs. Here, a point to considered is that it is
  always better to treat a life insurance policy as
  an insurance policy only and not as an
  investment, too. Many of the policies available
  nowadays showcase them as investments with good
  returns. However, unless you are an expert in
  investment and financial matters, it is better to
  avoid treating these policies as investments. It
  is better to have a separate life insurance
  policy and separate investments.
• While selecting the insurance company, you should
  compare the ratings of different companies on the
  internet and select one having higher ratings.
  Such companies usually provide better service and
  process claims faster.
• Having chosen a good Investment Insurance Policy,
  the next step is to get quotes from different
  insurance companies. It is better to get quotes
  from at least five different companies. Quotes
  can be got either online, or over the telephone
  from the agents or advisors of companies. Some of
  them may offer to come to your office or
  residence to provide you with detailed
  information. All doubts regarding the amount of
  premiums, the duration of the policy, the
  coverage, and other details should be clarified
  from the agent.

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• Now you should get the different quotes and
  policies evaluated by an independent insurance
  advisor or investment consultant for a fee. The
  services of an independent insurance advisor or
  investment consultant who deals with a number of
  companies can be obtained for a reasonable charge
  for a neutral evaluation of the different
  policies available.
• Having thus decided on a suitable policy, all
  that remains to be done is to contact the
  concerned advisor for finalizing the transaction.
• At least two dependents should be added as
  beneficiaries, and a copy each of the policy
  should be given to them.
• By taking the above steps, you can select a
  policy which is ideally suited to you, among the
  many available.

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