- Your insurance cover should be 10 times more than your annual income.
- Ask your insurance provider what the policy doesn’t cover.
- Review your insurance needs on a yearly basis.
- You should tell your insurer about any existing policy.
- Take into account any Pre-existing medical complication or property loans while selecting the life cover.
- Claim settlement ratio of an insurance company should also be considered when buying a product.
- Insurance is a life cover and a long-term investment and savings tool. You need to define your need like your child’s education or retirement.
- Consider not to invest only in one policy, try taking multiple policies because one policy might not cover everything.
- It is not recommended to buy the same policy from same insurer or other.
9 Things to consider while buying Life Insurance