3 Things to Get Right in an Ideal Term Insurance

1. 3 Things to Get Right in an Ideal Term Insurance One of the many things in life that you need to get right is having the right term life insurance. In order to lead a tension-free life, one of the smart things to do is buy a term insurance as soon as you start earning. But how to ensure that you choose a plan that is suitable for you? We are here to give you few easy steps which could help you take this important step in securing your family’s future. Let’s discuss the top 3 things that you need to get right for an ideal term life insurance. 1.The right policy duration Your policy should ideally start as soon as you start earning, to lock-in a lower premium. The policy duration should cover your working age up to retirement (which would be between 60 to 70 years, for most people). Because, if something were to happen to you in this duration, the term insurance money will replace your loss of income and help your family to manage their life and achieve their dreams. Also remember, there’s no point in covering your life beyond 70 years of age. Because by then you would have already crossed your working age and probably fulfilled most of your responsibilities such as, children’s education, their marriage, home loan repayment, etc. Tip: It is critical that you get this right as this choice must be made at the time of buying the policy and once chosen, cannot be changed later.

2. 2.The right Sum Assured For this, you need to think, “How much money will my family need in my absence to carry on with their lives in comfort”. That much money is your ‘right Sum Assured’. Of course, this amount is subjective and depends on many factors. You must consider your income, your lifestyle spends, loan repayments and all the major expenses you foresee in the future (child’s education, marriage, etc.) to calculate the sum assured your family will need. Click hereto calculate the Sum Assured that will cover all your family’s needs. 3.Boost your policy with riders Call it riders, add-ons or top-ups, they add great value to your existing policy and provide you additional cover for specific situations at minimal premium cost. The Accidental Death Benefit rider, where an additional amount is paid in case of death due to an accident, and the Critical Illness rider covering treatment expenses of 36 Critical Illnesses, are examples of some of the popular and useful riders you can add. So, that’s it. By taking care of these 3 things, you can create your ideal term life insurance plan. Get set, put your plan in motion, right now!