Life insurances are necessary in today’s world. With the uncertainty hanging constantly over our heads, we should always plan ahead. We take care and do all the needful things for our family as we work tirelessly for them. We make investment plans to fund our child’s educational future, to celebrate their wedding in extravagant way or to pay for your aging parent’s medical bills. We invest in FDs or mutual funds to earn gains for specific purposes. But have you ever thought that what will happen to your family’s financial stability if unfortunately nature takes its call on you? You surely don’t want to put your family in jeopardy by having them pay your EMIs, daily bills or compromise on their education or healthcare. You can provide them financial security and stability even if you are not there. The best way to do is to buy a life insurance! But there are some things to check before buying a life insurance…
Is the life insurance fitting in all your needs?
Various companies offer life insurances with different terms, tenures and amounts. Know what you may need, how much you may need, consider the size of your family and their alternate financial source besides you. Accordingly compare and make a list of insurance options best suited for you. Then from the list you can easily choose a life insurance fitting in all your needs.
Know what your policy is covering?
You life insurance policy should be able to cover all major expenses of your life. These major expenses include your outstanding loans, children’s education and regular living expenses. If your life insurance policy is able to cover all these things, you can be relaxed with the thought that you have secured your family’s future.
Know what sum is assured by the policy?
The inflation rate in the country is on the constant rise. So calculate ahead of your time in terms of finances when it comes to buying a life insurance. Take a life insurance which is 10 to 20 times of your current annual income. So in the future the amount your family will get will be adjusted with the then inflation rates and they will be able to pay all the bills.
For any other medical emergency you can easily take a personal loan anytime! Know how to get a personal loan here!