Life Insurance Deals
If you are looking for ways to get the best life insurance deals, then it is important that you understand the basics before contacting a life insurance agent.
- Premium Required: When you are searching for the best life insurance deals, you need to do comparison shopping in order to find out the premium required by various insurance firms for the same amount of sum assured. The sum assured is the amount that will be paid out to your nominee in the event of your death. The premium required will depend on a lot of factors such as your current age, illnesses if any, and so on.
- Features Offered: The best life insurance deals may not have the lowest premium. Look for other features offered, such as accident cover, and premium waiver situations. For example, some life insurance policies offer double the sum assured in the event of death by accident. Premium waivers are offered in the event of a crippling accident, which will keep the policy alive even if you do not pay future premiums. These features are equally important when shopping for life insurance deals that suit your needs.
- Coverage Needed: Sit down with a financial consultant to determine how much insurance coverage you require. Ideally, the life insurance deals that you choose should have enough sum assured to pay off any outstanding liabilities, such as home mortgages, and still leave enough money for your loved ones to continue to lead the same standard of life. Do not let your insurance agent try to sell you life insurance deals that offer too much or too little coverage.
- Select the Right Plan: Again, do not let an insurance agent suggest the right life insurance deals for you. They will be motivated by the commissions on the policies they sell, and often life insurance deals that are not very customer friendly will have higher commissions associated with them. So do your own research, and read up on all the life insurance deals available in the market right now. Contact a life insurance agent only after finalising a few life insurance deals that look interesting to you. You can then let the agent explain the finer nuances of the life insurance deals that you have selected. Remember to use the life insurance agent only for the paperwork, and not rely on their advice regarding other aspects of life insurance deals, like premium amounts, coverage amount and riders.