Term Insurance is gaining popularity in India currently. Term Insurance is life insurance policy providing coverage for a certain period of time. If the insured individual passes away during this time, a death benefit will be paid to the nominee. India’s First Free Online Term Insurance Financial Advisory Moneymindz says that term life insurance is life insurance with coverage of a fixed payment up to a fixed term during which if the policyholder dies, the nominee will receive the death benefit.
Before going for a Term Insurance plan, you need to ask yourself some questions, do some research on the most suitable plans available or you, consult experts and then decide.
- Is a Term Plan necessary for you?
As much as we would like everyone to have Term Insurance, we also know that the necessity of Term Insurance varies from individual to individual, circumstance to circumstance and financial condition to financial condition. Best Financial Adviser Kuber Mindz Moneymindz says that a person’s circumstances changes with time. An individual who has no dependents today might have dependents tomorrow. A single person might get married tomorrow.
If, however, your job requires you travel more, you may need an Accidental Insurance. A Term Insurance will be helpful if you have dependents. Therefore, evaluate your unique circumstances and decide with a calm mind.
- Time and location to purchase
This is another question you need to ask yourself. When you have decided to purchase a Term plan, you need to figure out when and where you will buy it. There are multiple banks and insurance companies offering Insurance products. Smart Financial Adviser Kuber Mindz advice you to compare each one of their insurance products and see the most relevant options for you. Don’t be in haste, but don’t delay either.
Also know when you would buy Term Insurance. It plays a role in your budget. A time when you get cheaper plans or cheaper rates may be useful for someone trying to save money, for instance.
- Add-ons and single premium policies
Add-ons are just riders offering wider protection at higher costs. Single-premium policies are costlier plans compared to regular policies. Know which one to buy. Buying something that won’t suit you will result in regret and it would be too late by then.
- Concealing facts
A big NO whenever you go to buy any Insurance policy is concealing facts like bad habits, addictions, medical history of self and family, etc. Concealing such facts show you as dishonest and may result in you not getting reimbursed when needed.
For more information visit www.moneymindz.com or give a missed call to 022-62116588