The Role of Life Insurance in Your Life
Money can't buy you the important things in life but it can help you protect them. If you should be unable to provide for your family, then you will at the very least be able to make sure that they are financially secure. How? By getting life insurance. You might spend a bit of your money today in the way of your insurance premiums, but that will grow to amounts that will support your family when you no longer can. You just need to make sure that you pick the right plan for you out of the many life insurance plans available. It is perhaps the best investment you can make with your money. But you need to make sure that you're smart about it, just like with every investment. The first thing to do is draw up a plan to know how much you can afford to pay every month as premium. Next make a list of all the benefits that you might want.
Once you've done that, you need to start searching for life insurance policies that fit both your budget and your benefits. Ask different life insurance agents to show you all the plans they have. Explore all the different life insurance products that your agents show you. Make a list of all the products that suit your needs from different companies and compare them. Some might give you an edge in benefits and others plans might have a lower premium. Make sure that you get the right balance between the two. You'll have a lot of work to do, because there are quite a few life insurance companies in India. And they all offer various plans. Don't get distracted by the different products - stick to the list that you've made. When you're looking at plans, make sure that you look at the sum assured - it needs to be as high as you can afford.
This is because there is always the effect of inflation to consider. What you think is sufficient today might not be enough tomorrow for your family. Pick the best plan for you from a life insurance company and stick to it. Be sure to pay the premiums on time, so that the policy doesn't lapse. Otherwise, the money that you've paid as premium is going to go down the drain. And you'll have to pay more money to renew the plan too. Insurance isn't something you want to be without - after all, isn't it better to be safe, rather than sorry?
Once you've done that, you need to start searching for life insurance policies that fit both your budget and your benefits. Ask different life insurance agents to show you all the plans they have. Explore all the different life insurance products that your agents show you. Make a list of all the products that suit your needs from different companies and compare them. Some might give you an edge in benefits and others plans might have a lower premium. Make sure that you get the right balance between the two. You'll have a lot of work to do, because there are quite a few life insurance companies in India. And they all offer various plans. Don't get distracted by the different products - stick to the list that you've made. When you're looking at plans, make sure that you look at the sum assured - it needs to be as high as you can afford.
This is because there is always the effect of inflation to consider. What you think is sufficient today might not be enough tomorrow for your family. Pick the best plan for you from a life insurance company and stick to it. Be sure to pay the premiums on time, so that the policy doesn't lapse. Otherwise, the money that you've paid as premium is going to go down the drain. And you'll have to pay more money to renew the plan too. Insurance isn't something you want to be without - after all, isn't it better to be safe, rather than sorry?
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