There are numerous life insurance policies available. Here are some basic guidelines that can help you
The right policy can be described as one that will provide you with adequate financial protection and is affordable.
Choose policies which satisfactorily meet your financial needs and which you can afford.
What is the right life insurance policy I choose?
|1. The right policy
While there is no universally correct policy, the right policy can be described as one that will provide you with adequate financial protection and is affordable.
|2. Knowing your needs
Life insurance should be bought based on meeting your financial needs. Few people can afford to buy all types of insurances they desire immediately. It is therefore necessary to decide which financial needs are of higher priority. Here are some of the common reasons for buying life insurance.
a. To provide income continuity in the event of death or disability
b. To provide income for the policy holder if he/she becomes critically ill Should you be diagnosed with a critical illness, such as cancer, kidney failure or stroke, medical expenses will add up to a hefty amount. Critical Illness Insurance can help with such expenses as a lump sum of cash will be paid to you once you are diagnosed with a critical illness. This money can help you with medical bills and other expenses arising from the critical illness.
c. To provide savings or investments
d. To provide for your children’s education
Life insurance should be bought based on your financial needs. Few individuals can afford to buy all types of insurances they desire immediately, so it is vital to decide which financial needs are the most important. Thus, it is important to find the right balance between the amount paid and the amount insured for. You should buy policies which satisfactorily meet your financial needs and which you can afford.
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