11 Dec, 2012

Top 5 Life Insurance Facts that you need to know


Life Insurance is a complex financial product. The technical aspects of insurance are such that at times even smart buyers make big mistakes. There are many thoughts and beliefs about life insurance that are far away from the true facts. It’s always easy to rationalize the things that you don’t understand about insurance, and before you know, they turn into damaging life insurance myths.


For your own knowledge, and frankly for the safety of your loved ones, it is important that you know all the true facts about life insurance – so that you can make a move to purchase or rectify your coverage. Read the facts concerning life insurance and see how many you knew earlier-


Insurance is an affordable product


Insurance can be expensive to afford if you buy it from the telecallers or the unreliable insurance agents. The insurance sales agent never tells you about the product which doesn’t extract him good commission. Endowment and money back insurance policies are high-priced products which let the agents fill their pockets but don’t prove to be pocket friendly for the end-users. In reality life insurance can be more affordable than even you think. You should opt for term plans as they are four times cheaper than endowment plans.


Buy a pure insurance policy


What insurance buyers look for these days is a single insurance product where they can enjoy both the benefits, namely investing for the retirement needs and seeking financial insurance for their family dependants. Doing this is possible through the traditional endowment policies which are insurance cum investment products and are much costly as compared to pure insurance products. It is suggested that you don’t buy an investment cum insurance plan instead you should go for pure insurance products.


Using Professional Insurance Advisors can prove extremely beneficial to buy Insurance


Well you can always buy insurance online or through the telesales agents. But a professional insurance advisor can help you to identify your needs and choose the policy that can best suit your financial and life circumstances. Only a professional can properly advise you about the coverage you need and help you to decide whether a term or permanent policy is better for you. They can also customize a plan to suit your requirements.


We all need Insurance


A lot of singles don’t feel the need to buy insurance. Well it’s true that you don’t have any dependants or family to get insurance for, but still you need insurance to cover your personal debts, costs of medical and funeral bills. If you are uninsured then you might leave debts rather than inheritance for your family. Plus, singles can also use a life insurance policy to fund their favorite charity.


Insurance is a must have for both the spouses


Only the main earner needs life insurance. This is absolutely inaccurate belief. The loss of the non-working spouse can cost you more than even you think. Life insurance for the breadwinner covers the cost of paycheck but covering the stay-at-home partner is beneficial in many other lateral ways.


Life insurance is an important financial product for everyone to consider, but only if you have your facts right. And after reading these myths you’ll surely feel more confident in approaching a good insurance advisor in India to protect your interest and family. To know more about life insurance and its benefits browse through www.ifmglobal.in/.

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