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Saturday, December 25, 2010

Tips for buying the life insurance plan

Tips for buying the life insurance plan : Buying an insurance plan can be a challenging task, here are a few tips to keep in mind, If you talk to an insurance salesperson, you will most likely be assaulted with numerous options that will make your head spin as you try to make a decision.

Buying an insurance plan can be a challenging task, so to help you shop around for the best policy that suits your objectives, here are a few tips to keep in mind: Do some research. Acquaint yourself with the different insurance terms.

1. Ask reputable vendors for quotes. Going for the cheapest life insurance product is not always the best way forward.

2. Read through the insurance policy and ensure that it is offering you everything that you need. Take time to understand the policy terms and conditions, especially any specific policy exclusions.

3. Examine the various fees and charges in the plan.

4. Take independent, professional advice from a qualified, financial adviser. Ensure you conduct a full needs analysis with your financial advisor who would then be able to identify your specific requirements. This should take into account your current financial circumstances, attitude to risk, financial priorities and future goals.

5. Be clear about your objectives and priorities. Analyse your risk appetite.

6. Remember to ask the following questions: Do you wish to arrange for your mortgage and any other loans to be paid off? How do you ensure the family does not fall on hard times after your death? In the event of your death, how do you guarantee the best child care for your children, particularly if your partner has to continue or commence full-time employment? Have you considered the total cost of full-time childcare? Have you considered the cost of school/university fees and how these would be met following your death as the primary earner?

7. Make sure you place your policy ‘in trust' for quicker payouts.

8. If you know you need life insurance, don't delay buying a policy. If you're young and healthy, it will be cheaper for you to buy life cover now than it might be in a few years' time.
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