Gone are those days when Insurance was considered to be a luxury. Insurance of all kinds is a necessity today, such as Term Insurance, Health Insurance, Travel Insurance and so on. If you are reading this article and have decided to buy Term Insurance, you are in the right place with the right decision. You may also want more details on Term Insurance such as which one should you buy. So let us talk about Term Insurance today. India’s First Free Online Financial Advisory Moneymindz
1. The early bird gets the worm
The purpose of Term Insurance is to provide financial comfort for your family should something untoward happen to you. Therefore, it is in the best interests of you and your family that you purchase Term Insurance soon. Added to that, as you age and get more chances of getting sick your premiums will become higher and it will become harder to get Term Insurance. The early bird gets the worm, so be quick and buy early.
2. Buy Term Insurance only till your retirement age
When you are young, you have dependents. So it makes sense to buy Term Insurance then. But after retirement, generally, you won’t have dependents. For the period after your retirement, what you need is Health Insurance (that is needed when you are younger too, so buy it soon). India’s First Free On call Financial Advisory Moneymindz
3. Purchase a basic version of the Term Insurance Policy
A term plan comes with variations nowadays. In most such cases, it is sufficient to buy just the based policy as most of the other options are meant for certain situations. Unless you want to cover yourself for specific situations, don’t go for the add-on.
4. Don’t conceal anything from the Insurance Company
Whether you are a smoker or an alcoholic or someone who takes drugs, don’t conceal any of your vices. Bringing this to the company’s notice might increase your premiums, but concealing these facts will lead to rejection of the claim! Certified Financial Planner Kuber Mindz Moneymindz
5. Never conceal your health history and family health history
Concealing will always lead to rejection of the claim in times of need. Critical information pertaining to your medical history and your family’s health history has to have revelled when you are buying the policy. For instance, your parent or grandparent might have had diabetes and you might think you won’t get diabetes. It may be true and you might never become a diabetic. Therefore you might even assume that it’s not important to reveal this. But the Insurance Company still needs that information.
6. Mention your nominee and don’t keep more than one or two policies
When you buy Term Insurance, mention your nominee without fail. Ensure you keep one or two policies but nothing more. Too much is too bad.
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