The relationship between a life insurance institution and an individual is more than just a customer-agent association. It is a caring bond of friendship for life where one is kept informed, prepared, and secured in times when you most need it. Putting my trust in a company is probably one of the most difficult decisions that I have ever made. To ensure that I have a bright and secure future, I came up with a simple 3 step process which helped me choose wisely. Hope you find it useful, too.
Step A: Analyzing your needs
I am 24 years old now and live a fairly carefree life. But what about the future? I want to have a financially secure future and it is essential that I analyze my risks and calculate how much life cover might be necessary thus helping to build on a comprehensive financial plan for my and my family’s future. My family’s needs will be based on the number of dependents that I have, the standard of living I want them to have, the money required to fulfill immediate obligations (eg: loans) and so on.
Step B: Basics are a must
In order to trust your insurance company implicitly it is extremely important that all the information pertaining to your investment is easily available in the public domain. A good Life Insurance service is one that informs you of your Duties towards a plan as much as it emphasizes on the rights that you have against it.
You shouldn’t have to search for important information at times when most necessary; it should be readily available. At the same time, you as an informed customer should always read the fine print to avoid any nasty surprises in the future.
Step C: Calculating the Cost for Life Insurance
The cost of your life insurance depends on 3 main factors; your age, your health and the death benefit you want to leave for your loved ones. While arriving at this figure, also understand that Life Insurance is a long term commitment and there are a number of factors in the future that can possibly effect it. One rule that I find useful is that roughly the size of your life insurance should be at least 10 times the amount of your current annual salary.
I hope you found the ABC of life insurance useful. Always remember to weigh all the options available in front of you, study all the policies carefully and make an informed decision.
I am a 25 year old blogger who believes in the power of story telling and using personal experiences to blog about things close to my heart. I started Munni of all Trades 4 years back to share my ideas, thoughts and views on things that I am passionate about. I blog about things that make me happy and by extension my readers, too..
Life Insurance with an endowment plan is a much better option to save for the rainy day.
Nicely articulated.
How are you, Khushboo? Busy with life and career, I surmise, as you have almost stopped blogging… 🙁
Nice article thanks for sharing with us.
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