Protect your loved ones with term insurance, life insurance and health insurance policies
There are different health insurance plans for families that are available with various benefits; however, not all of these can be the right choice for you. To make it easy, we have mentioned different factors to look for when exploring insurance plans.
Factors to look for: Term life insurance
Here are some key factors to weigh when buying term life insurance:
1. Compare different insurers – Premiums can vary widely, so compare quotes from several highly rated companies before choosing where to buy term life.
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2. Lock in young – Buying term insurance at a younger age secures significantly lower premiums. Rates rise with age.
3. Calculate the needed amount – Consider debts that must be paid off plus income to be replaced for family members. Pick a term policy worth 10-15 times your annual salary.
4. Consider term length – When choosing the term length, consider how long you need the coverage to last. Many people go with 20 or 30-year terms. This way, their policy is in place till major financial obligations are taken care of, just like getting the kids through college or paying off the mortgage.
5. Disclose medical history – Be upfront about any health conditions or family medical history. These may raise rates but don’t necessarily preclude getting covered.
6. Review annually – Re-evaluate the policy each year as income and family needs evolve. Adjust coverage accordingly
Factors to consider: Whole life insurance
Here are the things to consider when buying whole life insurance:
1. Level premiums – In this type of policy, the premium amount remains constant over the policy period versus term premiums that rise over time. You will have to pay the same amount
