iven are tips for First-time Life Insurance Buyers.
Understand your Needs
Before you start looking for an insurance plan, you must be clear on the reason that you are buying it for. Many people buy life insurance as means to save tax, or for investment. However, the true purpose of life insurance is to provide protection to your loved ones.
Assess your Premium Payment Capacity
Evaluate your financial position to ascertain your premium payment capacity. From your collective income, find out how much you can comfortably allocate towards policy premiums without cutting costs on other necessities.
Find out Your Options
There are multiple types of life insurance policies available in the market, each designed to fulfil different requirements. Read up or talk to an expert to find out what each type of policy has to offer in terms of benefits and protection.
Get Multiple Quotes
After you have decided on the type of plan that is fit for you, get quotes from different insurers for the same plan. Different insurers will have different rates for the same plan. Find out the plan that offers you the best premium to benefit ratio.