Insurance policies are very common among the people of India these days. As such, there are many agencies that offer different types of insurance products in the country. It would not be wrong to say that this trend has come into existence only because of the increasing awareness among the people. Today, one can easily find the number of families in the country where every member of the family has an insurance policy.
There would hardly be any person who would not be interested in saving and investing his capital to earn profits. The objective of any short or long-term investment is to earn profit. People generally believe that long-term investments can give them security and thus peace of mind. One of such long-term investments is whole life insurance.
A developing country like India has a large target population that has the potential to be covered under an insurance policy. Hence, there are a good number of insurance companies available in India to meet the needs of the masses. However, there is a lack of awareness among most people about the importance of insurance in India. Therefore, high time measures should be taken to popularize various insurance products and their benefits.
It is human to make a mistake and you never know when, it is called an accident. An accident never gives an excuse to anyone, so one should be ready to face such situations at any time. Insurance policies are a vaccination against any type of accident.
The nomenclature ‘whole life insurance‘ defines itself as the care it covers for a lifetime. Any person can easily register himself for such a policy. Potential customers will easily find a large number of insurance agents who will immediately come forward to assist you in this regard. Potential customers can also use the internet facility to compare life insurance plans available in India. Through this facility, potential customers can easily compare the features of all life insurance policies in India and narrow down the best-suited insurance policies for you. Customers can view such policies offline or online, but the advantage associated with online convenience is that potential customers can get rid of the middlemen who would be annoying to them for some time.
There are a large number of companies in India that provide insurance services. Some of the most popular institutions are Bajaj Allianz, ICICI Lambard, Tata AIG etc. Student Companion, Travel Companion, Swasthya Benefit Plus, Health-Guard Health Insurance, Family Floater Plan, etc., are some of the insurance products available in the country. Health insurance is also a sought-after insurance product in India as the health-related expenses in the country are very high for the people of the land.
There are many factors you need to consider when you compare life insurance policies. Some of the major factors are premium term, monetary amount, and annuity option. There are also insurance plans that call for the medical examination of the subscriber. All these factors play an important role in making an insurance plan attractive. Lastly, web portals are the best option that can be accessed to know in detail about any type of insurance product. These portals are so comprehensive that even a layman can easily understand them and help them in getting the best deals online.
Life Insurance Policies for Seniors
There are many seniors who need life insurance. Many of the boomer generations have to support their children even after retirement. In some cases, a pension is not enough and some seniors want a life insurance policy for their spouse. Insurance agencies have made life insurance available for seniors and there are a few policies that you can choose from. Here are the three best life insurance policies available for senior citizens.
Final Expenses. It is short and easy to obtain a policy. There is little or no restriction to qualify for it. It does not require a medical examination, so you can still get coverage even if you have a bad medical condition. The coverage amount is limited to $50,000. This policy is best used to cover your funeral costs. Since the average funeral cost is $10,000, this policy can save your family a lot of money.
Term Life Insurance. Although it requires a medical examination, many senior citizens can benefit from this policy. The fact that it’s not permanent allows for a great deal of flexibility so you don’t stick with it for too long. I recommend going for a 20-year contract. If you buy it before you retire, such as in your 50s, you will benefit from coverage for about 10 years during retirement. Rates are some of the cheapest available, so it won’t be a burden during retirement! Benefits can be used to cover your funeral taxes, pay the mortgage, and cover daily living expenses. If you are in good health, I recommend going with this policy: Affordable rates and large coverage make it one of the best insurance policies not only for seniors but for everyone!
Immediate Life Annuities. Perhaps the best way to grow your finances is during retirement. Here’s how it works: You make single or regular payments and after several years you get benefits and interest in the form of a monthly pension. The best part is that you will keep getting money till the end of your life. A life annuity is not a regular life insurance policy, as the benefit is received by the insured (you). Since many seniors are dependent on their children’s income, becoming financially independent is a great way to help your family.
Comparing Life Insurance Policies
Life insurance is arguably one of the most important insurance policies as it provides protection for families and loved ones. As with all types of insurance, there are a lot of different policies in the market, so ensure complete peace of mind for yourself and protection for your family by carefully comparing the different options available.
The logical factors to think about before starting the search are related to the level of cover you think you need. You may want to cover your mortgage payment or replace the primary earner’s salary. If you have children, covering education or babysitting expenses can be extremely important.
Starting with the least expensive, the most basic type of life insurance is known as term insurance. This type of security is usually chosen to cover mortgage or loan payments. The main thing to remember is that if you have not claimed and there is no surrender value then nothing is payable to you at the end of the term. This is a good option if you only want to cover the outstanding amount of one loan, but since there are many different types of term insurance, a little research is needed.
Whole life insurance is a more comprehensive option that, unlike term insurance, is not limited to a specific time period. You can be sure that the insurance company will pay the sum insured and because of this, the premiums are usually more expensive. Whole life insurance is available at different levels, i.e. ‘non-profit’, ‘with profit’, and ‘low cost’ so if you look at the possibility of taking a whole life insurance policy, do your amount.
If profit is a factor that you look at as an advantage to your life insurance policy then it is a wise idea to review endowment life insurance which is essentially a savings plan married with a life insurance policy.
There are also different premiums to consider – guaranteed and reviewable. With a guaranteed option, your insurer promises to never increase your premiums while reviewable premiums mean that your policy can be reviewed and premiums are likely to increase.
This is only a scratch on the surface of life insurance options, so it is really worth investigating further and comparing offers. Premiums can vary widely between companies for the same policy and spending an hour or two shopping around can save you thousands of pounds. Shaving just £10 a month from a twenty-five-year policy will leave you with an extra £3,000 in your pocket. Not bad for a few hours of research, especially when considering the potential for online research that lends itself to easy and accurate comparisons; All important factors to make the best choice.
