After learning the types of insurance policies and the one that best suits your current and future needs, you tend to pick one. You ask common questions, to the advisor or agent, like,
- ‘when to expect returns?’,
- ‘What if I miss paying a premium?’,
- ‘What if I become disabled?’,
- ‘Can I add riders?’,
- ‘What if I do not die?’,
and much more. So far so good! But have you ever realized missing other important questions to be sure of buying a right policy? Wondering what? Check them out!
WHAT ARE YOUR CREDENTIALS?
Ask your agent about his credibility and credentials, required to advise you a suitable policy or plan. Ask him for the factors based on which he suggested a particular policy for you. It is important to understand that not every ones’ financial status and requirements remain same.
Every individual needs to frame his own needs based on his income, expenses, financial goals, preferences and many other factors. Moreover, the needs, income, and expenses keep changing over the time. For example, if you are earning INR 25,000 per month today, it is pointless to suggest some policy based on this income, as the pay may get doubled after three years. All these factors are to be calculated before picking any insurance policy.
DOES MY DEATH-BENEFIT ADJUST FOR INFLATION?
Before buying one, ask your agent if your policy automatically adjusts for inflation. Because, inflation increases at an approximately 10% every year and if the policy is not adjustable, it wears down with time, even if you do not miss a payment.
Whereas some policies automatically adjust to inflation or can be improved with additional riders. Remember that INR 20,00,000 may look huge today, but may not be the same 25 years down the road.
WHAT IF MY HEALTH CHANGES AS TIME PASSES?
You may have to go for a medical evaluation before buying a health insurance policy. But during the course of the policy, your health may change for better or worse. So, it becomes important to ask if there is a chance to improve on your rating if your health improves. Understand what happens if your health deteriorates or you become un-insurable.
IS THE INSURED AMOUNT SUFFICIENT?
You have to learn if the insured amount is enough for our dependents to survive and continue life in your absence. The amount they receive should be enough for them to cover their expenses, as usual. Else, the whole objective behind the term policy goes missing!
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