Things to know before buying life insurance policy

Planning of buying life insurance policy? Keep these things in mind before buying your policy.

  • Calculate the amount of insurance cover you would need by identifying your liabilities, your financial goals, and how much you can invest.
  • Compare different insurance plans in the market and also check the financial history of the company offering life insurance plan.
  • Always read the policy documents carefully.
  • Find out details such as procedure for claiming the policy, what would happen if the insurer stays alive till maturity, if the policy is convertible or not etc.,
  • Understand your rights as a policy holder and also educate your nominee about the policy details.