Benefits and Need for Life Insurance
Nobody wants to deal with the fact that we pass away at some point, and most of us would rather stick our heads in the sand when it comes to death.The fact is that we have to deal with death, whether we like it or not, especially for the sake of the ones we leave behind.Insurance is no doubt most important and unavoidable and as we start earning, the first thought that strikes our minds is to get a life insurance.Most common reason for delaying this is lack of time and this makes us lose valuable time which can help us accumulate corpus.Young people with no family would also greatly benefit from taking out life insurance cover, especially when they have taken out co-signed loans for instance, or if they have siblings or parents who could do with financial support.
A minimum of thirty days is allowed to review the claim as per IRDA regulation, after which the benefit can be paid or denied or postponed for additional information.A beneficiary needs to take a few important steps to ensure that the death benefits are paid out to them as quickly as possible.An insurance company will make sure that the claims are verified and not fraudulent.Life insurance plans and policies are the best way to provide financial support in the unfortunate event of a person’s death.It is essential to accurately provide the right documents on time, to expedite your process and claim the benefits faster.
Take out life insurance while you’re young and healthy
By doing this will save you substantially compared to taking out life insurance when you’re older and have dependants.
Compare and contrast the options
You will have a fair compariosn of all the inusrance offers when you do this.
You should not be under-insured
Do your calculations and determine how much money your beneficiaries would need.
Beware cheap policies
Paying a bit more by taking out life insurance from a reputable company will generally be well worth your while.
Stick to the issues
When applying for life insurance, be sure to stick to the facts and don’t try to change information in an attempt to get lower premiums.
Ask yourself these questions:
How much and by when do you need for your major future expenses like children’s weddings or educations, some planned medical expense etc.?What kind of lifestyle do you wish to live after you retire?What does your investment portfolio look like?They should be able to answer all the questions.
One of the most important aspects of getting the claims is to reach out to your agent as well as the life insurance company immediately.