- Access your needs
- Research and compare policies
- Complete the application process
How To Buy Life Insurance?
Life insurance can be an essential aspect of your financial planning; it helps to protect your family financially in your absence and cover all of your liabilities. In this article, we will discuss how to buy life insurance.
How Can I Get Life Insurance?
Opting a life insurance is very imporant aspect, to take care of your family finance’s after your demise, how would you know the right but Given below is a comprehensive guide on how to get life insurance:
Access your needs
The first step to buying life insurance is analyzing your needs; how much coverage your family needs to cover all expenses and debts in your absence and continue their current lifestyle.Understand the types of life insurance
Explore life insurance types; for example, life insurance provides coverage for a specific term, known as term life insurance, while whole life insurance provides coverage for a whole lifetime.Compare different insurance companies
Compare the life insurance companies thoroughly. For easy comparison, you can go through the insurer’s solvency ratio, claim settlement ratio, or annualized premiums released annually by IRDAI.Evaluate your health
Life insurance premiums are calculated based on your health condition. If you have any pre-existing conditions, disclose them when filling out the proposal form and provide truthful information to get life insurance at an affordable price.Choose the right coverage amount
While purchasing life insurance, deciding the sufficient coverage amount is essential. There is a golden rule to choosing the right coverage: it should be a minimum of ten times your present annual income.Select beneficiaries
Since the nominee will get the total death benefit of a life insurance plan after your death, only immediate family such as a wife, parent, or children who directly depend upon your income, are eligible for the nomination.Review policy terms and conditions
Life Insurance is a long-term investment that provides financial support to your family in your absence. So, you’ll have to read all the terms and conditions associated with life insurance carefully before purchasing.
Things to consider before purchasing life insurance
When you purchase life insurance, you will see multiple companies offer various life insurance plans, making it difficult to decide which ones are better. However, some parameters below will help you choose a good life insurance.
Solvency Ratio
The solvency ratio is one of the key parameters to analyze how life insurance companies will perform in tough times like COVID-19 and the recession. IRDAI has set a strict benchmark above 1.5, which every insurance company should maintain.Claim-Settlement Ratio(CSR)
The claim settlement ratio describes the total no.of claims being settled in the same financial year; while opting for life insurance, always choose a company with more than 95% CSR.Annualized Premiums
Annualized premiums showcase the total no. of premiums (including renewals and new policies) being collected in the same financial year. More annualized premiums define higher trust among customers for the insurer.Life Cover
A golden rule for choosing sufficient life cover is that it should be 15 to 20 times your annual income.
How to Buy Term Life Insurance From PolicyX.com?
To purchase life insurance from Policyx.com, one must follow the below steps:
- Browse policyx.com on your device.
- On the PolicyX homepage, click the ’Buy Now’ option in the top right corner of the screen.
- Now, click on ’Term Plans’.
- After that, you’ll get a list of all available term life insurance plans.
- Choose the plan and click on the ’PolicyX URL’.
- Fill out the necessary details to buy the plan you like.
- Proceed to pay through net banking, debit, or credit card.
How to Buy Life Insurance Directly From the Insurer?
To buy a life insurance policy directly from the insurer of your choice, you can visit the insurer’s official website and select ’Life Insurance’ to get all the plans at a glance.
Conclusion
By following these steps, you can confidently obtain life insurance, ensuring financial protection for your loved ones in the years to come. Life insurance is an investment in your family’s future, providing peace of mind and financial security.
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Written By: Varun Saxena
I am a passionate content writer with over three years of experience in the insurance domain. An avid learner, I always tries stays ahead of the industry's trends, ensuring my writing remains fresh and includes the latest insurance shifts. Through my work, I strive to engage with targeted insurance readers.
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