subject: How To Decide Which Term Insurance Policy Is The Best For You? [print this page] As a very popular investment scheme, a term insurance policy has many buyers. This policy guarantees to protect your family in case of any eventuality. A fixed sum assured is handed to the nominee in case of the sudden demise of the policy holder. This is how the policy promises to help you fight one of your greatest fears. Being in the market for a long time this policy has a lot of trust factor attached to it. With a lot of providers ready to offer a host of benefits and features, making the right choice can be very difficult. Here are a few tips thatll help you to get the policy that is best for you
Research and compare
There could be no other golden rule for a shopper than researching the market well and comparing the best products. This rule applies to term insurance policy as well. Researching online would be the best means of getting all the required information on the product. Also, this saves you the labour of following up with agents. While researching online you can also read the reviews for the product. This gives you first hand information from consumers and industry experts. After youve shortlisted the policies you want, compare them with each other to see which meets your requirement the best.
Check the benefits offered by the policy
Since there are a number of providers in the market, the competition for term insurance policy is very tough. Every company tends to offer better benefits and features than the other. This variety could confuse you. The best way to decide which policy meets your needs is to make a list of all the benefits and features you want your policy to have. Compare them with the various policies you shortlist and decide on one that matches your needs exactly or it at least is the closest.
Affordability
The premium of the policy is greatly influenced by the age of the policy holder, the sum assured you choose and the tenure of the policy. This is why you are normally advised to invest in a term plan at a young age. Your affordability also plays a major role in selecting the right policy. Hence, make sure the premium amount of the policy is manageable to pay off and does not affect your cash flows. Buying a policy online will fetch you some great discounts on the premium, apart from the hassle free process.
Claim Settlement
The performance and trustworthiness of any insurance company clearly reflects in its records for claim settlement. Hence, before selecting a term insurance policy, make sure that the provider has a good track record of claim settlement. In case you find the provider follows a lengthy and tedious procedure, do not opt for the policy as it will unnecessarily cause troubles for your loved ones during hard times.
by: Jenni Kundu
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