Choose the best insurance policy for family safety

Posted by Jenny Dsouza on March 1st, 2017

Life is rat-race. Even youngsters or rather college or schools goers are under tremendous pressure to excel ahead, while adults are already caught up in a perpetual race to succeed. Unexpected emergencies in the midst of life can actually bring life to a standstill and cause huge financial loss. Most affected are the ones who don’t have adequate financial security. When the earning member of the family suddenly passes way or gets permanent disability, it’s the family who suffers the untold misery of income depletion. At such times, a suitable insurance policy offers a safety net till the time family is able to generate income and get back on track.

However, due to the varied offerings from life insurance policies, it becomes a task to choose the best life insurance policy that will suffice the individual and family needs. Insufficient knowledge on the topic also delays the decision of buying the best life insurance policy.

We cannot say that a particular product from a specific company is the best. To decide on the best life insurance policies, firstly, it is important to understand why you need a life insurance policy? It is because you want to protect your family and yourself against financial hardships and sail safely during economic tornados. But it's sad that majority of Indian buyers buy life insurance policy as a mere investment and to avail tax benefits. However, this approach is wrong. If you keep these factors in mind at the time of purchase chances your policy might not prove the best life insurance policies to take care of your family needs.

Before taking an insurance policy it is important an individual figure out their individual needs, current lifestyle and future financial goals. To this, we will have to add the inflation costs in near future, existing debts in hand and daily survival needs of your family in your absence. Once you add all of this you will come to a suitable number that will be the amount of cover you require for family’s financial security.

Ideally, speaking no amount of money can prove sufficient when it comes to family well-being. But, practically there has to be some amount to choose based on your income source and risk appetite. Thus, depending on these factors you will have to pay a suitable premium towards the insurance company for the amount of cover you wish to take.

Today, in the era of internet based facilities there are various life insurance policies companies who display best of the products and services online. There are comparison sites that will help you compare the policy quotes in terms of benefits and features, terms and conditions, discounts offered, premium payment flexibility and hassle-free claim settlement. Some companies have also introduced mobile apps that will help you compare policies, pay the premium, renew policies or make hassle-free claims while on the move. It is advisable to compare apple-to-apple while choosing the best life insurance policy for your family’s financial needs.

Jenny Dsouza

About the Author

Jenny Dsouza
Joined: November 25th, 2016
Articles Posted: 44

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