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How to Choose The Best Life Insurance Policy?

Life insurance is an agreement between a guarantor and a policyholder in which the safety net provider ensures installment of a demise advantage to named recipients upon the passing of the safeguarded. Insurance can be an imperative instrument in the accompanying circumstances: Replace pay for wards. Life insurance can pay your memorial service and internment costs, probate and other domain organization costs, obligations and therapeutic costs not secured by medical coverage.Click to see more details https://www.coverfox.com/life-insurance/

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How to Choose The Best Life Insurance Policy?

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  1. How to Choose The Best Life Insurance Policy? Source : https://www.slideshare.net/rameshsonavne/how-to-choose-the-best-life-insurance-policy-94746077

  2. Introduction • Life Insurance is one of the fastest growing insurance products in India. • Having a life insurance policy provides you with the much needed financial security in times of unfortunate death of the policy holder.

  3. Benefits of Life Insurance Policy • Protects your family’s financial future • Provides financial help during medical emergency • Is an investment tool that helps you save money for your child’s marriage, education and your retirement. • Helps in paying off loans and liabilities • Helps build retirement corpus • Helps you leave an inheritance

  4. Types of Life Insurance Plans

  5. How to Calculate How Much Life Insurance You Need? • Decide whether or not you need life insurance: • Firstly, determine whether or not you need life insurance • If you’re single and don’t have any dependents, then you may not find the need to buy life insurance • If you’re married and have kids, then it’s advisable to buy life insurance • How much coverage do you need? • Depending on your income, your liabilities, assets, your income, your life goals like child’s marriage and education, lifestyle, you can calculate the coverage you need. • It’s a thumb rule to opt for a life insurance cover 15-20 times more than your income.

  6. How is Life Insurance Premium Determined? • Your life insurance premium is determined by the following factors: • Age • Gender • Health • Smoking & Drinking Habits • Lifestyle • Family medical history You can choose the best life insurance policy by keeping the above things in mind and also by choosing the type of policy that suits your budget and requirement.

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