Five Tips to buy Life Insurance

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Five Tips to buy Life Insurance
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• Life is precious because of the people we are
  associated with. And for those who believe in the
  rationality of it, life insurance is on their
  priority list. With an alarming rise in
  unforeseen events such as accidents, air crashes
  and natural calamities, it is essential to insure
  oneself so as to provide safety and security to
  our loved ones.
• Insurance refers to a contract between the
  insured and the insurance provider. It is in
  exchange of the payment, i.e. premium paid by the
  insured for which the company provides a round
  sum of money in the event of the insureds death.
  A few insurance tips will help in choosing the
  right Life Insurance Policy

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1. Buy at a young age

• Calculated on the basis of gender, age, health,
  profession, etc
• The lower the age, the lesser the premium
• The premium amount is constant throughout the
  policy

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2. Buy online

• A convenient option with lesser formalities
• Cheaper policies are available online
• Easy mode of research and comparisons

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3. Buy the right type

• Essentially of two types Whole and Term
• Whole life insurance is coverage until one dies
• Term life insurance is for a specified period of
  time

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4. Choose the right company

• The right policy depends up on the company one
  chooses
• Agencies that list insurance companies are
  helpful
• Remember that the policy does not burn a hole in
  your pocket

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5. Amount of coverage

• Do not under-insure yourself and make the right
  estimate
• Calculation of sum assured is critical while
  buying a policy
• A thumb rule here is to multiply minimum annual
  gross income to 8-10 times in addition to debts

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