Own a life cover to protect your family?s financial future

Posted by Jenny Dsouza on February 10th, 2017

Life insurance is one of the most important tools in an individual’s investment kitty for more a contented future of his/her family during his/ or her absence. Getting the right ideal life insurance cover means working on the amount that you require to protect your dependents. This amount is not only about the survival needs but should comprise of children education, lifestyle habits, cover debts such as mortgage, and  inflation costs, etc.

Life insurance policy helps to pay your dependents money as a lump sum or as regular payment when you meet any unfortunate incidence. It is designed to protect with the reassurance that your dependents will be taken care off with sheer care financially if when you are no longer there to look after them. The amount of money paid depends on the level of cover you buy. You can also decide how it is paid out and whether it will cover specific payments, such as mortgage, rent, etc.

A life cover is a contract between the insurance company and the insured person in which the company promises to pay the beneficiary a pre-defined benefit if the event against which the policy is taken happen soccurs. The policyholder will promises to pay premiums which form the consideration of the contract.

The insurance industry has seen a massive revolution since the its inception and there is a variety of products being designed to cater to the myriad goals of life offering a wide gamut of life insurance products every day. Life insurance industry caters policy such as term insurance plan, whole life insurance plan, endowment plan, money back policy, ULIP, etc. So, whether you’re planning on building a child education fund,  or a retirement corpus, protect finances financial protection against untimely death or for do wealth creation, there is a policy tailor-made to suit your requirements.

With so many companies and plans being pooled up in the insurance market it becomes difficult to select the right policy by visiting branches manually and sit for tedious calculations. But with the help of online research, you can easily compare the costs of insurance, benefits, etc. and a variety of offers on policies. Secondly, companies also drive the business through agents.

If you don’t have time to do research on exciting offerslife insurance policies you can entrust the job to expert insurance agents. It’s one of the reliable best ways to ensure that you get best insurance quotes but and also assistance you in filing the claims and get timely reimbursement on time during any troubledistressed times. Agents undergo training before they work for an insurance company along withand a license being is issued to them by IRDAI after they pass an examination.

Both online and offline modes of buying an insurance cover have their relative pros and cons. While online purchase promises slashed premium rates, premium payment flexibility, and hassle-free claim, offline purchase offers services byhas experts  who have thorough knowledge about insurance technicalities and can suggest a good amount of insurance cover.

The true essence of life is protecting your family’s future with the right investment in the present days. And life insurance is certainly one of the best investment tools that lets you plan your family’s financial security well ahead and in much more efficient manner. No one likes to think about the unfortunate events in life, but it’s vital to consider what would happen to your loved ones in case you’re not there to look after.