How to Select the Best Life Insurance Policy?

How to Choose the Best Life Insurance Policy for Yourself?

Frequently Asked Questions

What common mistakes do people make while selecting the right life insurance policy? up-arrow

Some common mistakes that people often make while purchasing a life insurance policy are as follows:

  • Not comparing the different plans available in the market
  • Not selecting the right insurance provider
  • Selecting a shorter term for the policy
  • Not purchasing the plan online
  • Not selecting appropriate riders
  • Skipping terms and conditions of the policy
  • Not calculating the premiums beforehand

Is it essential to consider the solvency ratio while purchasing a life insurance policy from an insurer? up-arrow

Yes. The solvency ratio implies the amount of money a company has for settling its claim. If it is too low, you must avoid such a company as it can delay the approval of your claim. So, you must go for an insurer with a higher solvency ratio.

What is the best age to get a life insurance policy? up-arrow

You must purchase a life insurance policy early in life if you have several dependents. Also, it can be advantageous as you will have the scope to pay lower premiums. However, purchasing a life insurance policy might not be urgent if you are single.

What is mandatory to check before purchasing a life insurance policy? up-arrow

The first and foremost thing you will need to check is if you can pay the premium on time throughout the policy duration. Accordingly, you can decide whether to move forward with its purchase.