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Life Insurance Get Complete Protection For You And Your Loved ones

There cannot be anything more grieving than the death of the earning member of the family. The loss of valuable human life added to the fact of futuristic financial constraints would make the loss double. This is an important phase when the Life Insurance policies come as a healing touch to the people engulfed in grief.

Types of Life Insurance Policies:

Term Insurance Policies:  As the name indicates the beneit is paid only if the insured person dies during the term of the policy. The term policies can be renewed after the expiry or the term and some companies also facilitate its conversion into permanent policies. The term insurance policies have small premiums. They are not available for senior people as the risk of life is more at a higher age.

Permanent Insurance Polices:The permanent Insurance policy offers insurance cover for the entire life of the insured. The premium is slightly higher for this type of policies.

Some of the factors to be considered while purchasing the Life Insurance policies:

  • Amount of Insurance: Keeping your futuristic requirements, decide the amount you may be requiring after a certain period of time considering your requirements like marriage, child’s education etc.
  • Decide the type of insurance: Whether you want to go for long term, money back or market linked insurance plans. This would require some research work to be done.
  • Premium paying capability: Do not take a policy which has high premiums; anticipate your financial requirements before finalizing the premium amount. See that your premium does not become a burden on you.
  • Surrender charges: Checks the surrender charges with the insurance companies.
  • Projection of returns: It is always better to compare the policies and premiums of few insurance companies to understand the cash projections of the policy after the maturity.
  • Loans for polices: Just check whether the company offers some loans after a certain period of premium payment. 
  • Dividend: Go through the financial statements and newsletters of the insurance company to understand the dividend paid by the company in the last few years. This would give a picture of the financial stability of the company.
  • Legal formalities after the death of the insured: Understand the legal formalities required to claim the insurance amount after the death of the insured. 
  • Stability of the insurance company: The most important factor. The newly launched company always believes in luring the customer with attractive offers. Do not fall prey for the same, a day would come when the company may not be in a position to fulfill the promised policy guidelines and end up in a closure. So invest in a reputed financially stable company.

Get a Life insurance and secure the life of the people dependent on you in your absence.

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