Page 1

Top 10 Life Insurance Tips Life insurance is an important part of financial planning. However, with all the complexities of different policies, understanding all of the ins-and-outs can be difficult.


1. Purchase Life Insurance When you're Young and Healthy. You might be asking why insure yourself when you are young and healthy? Statistically, most insurance claims are paid to people between the age of 30 and 40.


2. Go For Level Premiums if You're Thinking About Long Term. Choosing a premium structure, stepped or level, will depend on your financial situation. Stepped premiums are premiums that increase as you grow older.


3. Think About Your Income. Having income protection can provide you with up to 75% of your monthly gross income if you are unable to work because of an illness or injury.


4. Opt For a Comprehensive Cover. You can protect yourself against a range of risks by taking out a comprehensive life insurance policy. A comprehensive policy can protect you in the event of • Disability • Critical illness • Death


5. Change Your Lifestyle One of the factors that could affect the cost of your premiums is your health and lifestyle. If you're a smoker, your monthly premiums will be more expensive because you're more prone to risks than non-smokers.


6. Review Your Policy on a Regular Basis. As you go through life your needs change. The policy that you took out when you were 30 years old and starting your family may not be right for the 55 year old you who is eyeing the not to distant possibility of retirement.


7. Make Annual Payments. Paying your premiums annually can save you up to 8%.


8. Don’t Be Discouraged By The Application Process. As a part of the underwriting process you will be asked to disclose some personal information such as your lifestyle, salary, and medical history.


9. Assess Future Possibilities With Your Spouse. Getting life insurance is a major decision that will have an impact on you and your spouse/partner. Take the time to sit down with your spouse/partner and talk about how each of you would financially cope if the other passed away.


10. Choose Trustworthy Companies. There are hundreds of insurance providers in the market. It's important to choose one with a proven track records, from reputation in the market (awards and reviews) to customer service to claims history.


Life Insurance More Info Please Click Here

https://jamapunji.pk/knowledge-center /types-insurance

Top 10 Life Insurance Tips  
Top 10 Life Insurance Tips  
Advertisement