With growing uncertainties in life and our sedentary lifestyle, Life Insurance has become a must have financial instrument for all of us. Life Insurance can be bought both offline and in online mode. With online mode of buying life insurance, we do get the benefit of comparing the life insurance plans of different life insurance companies. We should be ready with our checklist of parameters that we think are more crucial to us before we go shortlisting life insurance plans.
Let’s discuss some of the checklist
Reputation of Insurer
The most crucial aspect in shortlisting of Life Insurance Company is knowing the market reputation of the life insurance company. Things to look out for would include customer’s services of the company right from policy purchase to claim settlement process and the time taken to solve the queries.
Claim Settlement Ratio
You would always like to choose a life insurance company which is having a high claim settlement ratio. Buying a life insurance policy from a life insurer who is having a low claim settlement ratio would defeat the whole purpose of buying a life insurance plan. Therefore always choose a plan from a life insurer having a high claim settlement ratio.
We all have our own reasons for choosing or feeling the need of having a life insurance policy. It varies from person to person. With online mode of purchasing of life insurance, we can go through the various insurance plans that are available and the features of the plan and how our objectives of choosing life insurance is able to match the features of the life insurance plans. Choose the one that best matches your needs and requirements.
You definitely have to consider your income and expenses before choosing a life insurance plan. Choosing a cover which has high premium may place an unbearable burden on your finances and you might be forced to discontinue the payment of the premium. In order to ensure that you continue the plan for a long time, ensure that the premium that you have to pay is well within your financial limits.
The whole purpose of taking a life insurance is to make sure that in event of your absence, your family does not have to undergo financial hardships, therefore, one needs to give a good amount of importance in zeroing on the amount of life cover that you have to take.
Online or Offline mode of buying
In the initial years of the insurance industry, we used to purchase life insurance policies from agents who gave insurance advice based on their own interests. The interests of the customers were not given much importance, but with online mode of purchase you can look at different insurance plans benefits and choose the one that suits you the most.