Things You Should Consider Before Buying Term Insurance !!! – MoneyMindz

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If you are planning to buy a term plan in upcoming weeks, then you are at the right place, because today Moneymindz Certified Financial Planners (CFP) will share dozens of points which any term plan buyer should know before they buy the cover. So, if you have no idea of how does term insurance work, and if you have asked yourself – “Which term plan should I buy?”.

Most of the buyers who are new to term insurance plan do not understand various critical facts and points which they should consider while they are buying the policy and because of that, I came up with this checklist which will help you.

1. How Must Early you buy term insurance plan, better it is

2. Buy the term insurance plan policy only until your retirement age

3. Don’t get mislead by “per day premium” marketing gimmick

4. Don’t buy single premium policies

5. Take increase in premiums in a positive manner

6. Don’t get over excited by term insurance riders

7. Buy the basic version of the term insurance plan

8. Tell them if you are smoker/alcoholic

9. Don’t hide your health information

10. Don’t hide your family health history

11. Don’t take small insurance cover (like 10-20 lacs)

12. Don’t overanalyze and delay your decision

13. Don’t forget adding nominee name

14. Don’t take more than 1-2 policy

15. Disclose old insurance policy

16. Be open to try online brokers

17. Check the policy papers once you get it

18. Don’t fall for “10 times of Income” marketing

19. Choose a strong and good brand while choosing Insurer

20. Communicate to your family that you bought a term plan

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