Choose a Suitable Term Life #Insurance Plan, Not the #Cheapest
Why don't buy the cheapest term life insurance plans? In this video, I'm going to tell you lots of factors why we need to avoid the cheapest insurance plans.
It depends on the insurance company’s reputation, customer service response, claim settlement ratio, additional rider details, etc. that you must take into consideration while buying term insurance.
You must not blindly choose the most inexpensive term plan. The cheaper a plan is, the more will be the exclusions while settling claims. See that your plan provides good coverage at an affordable rate. Your assured sum should at least be 8-10 times more than your annual income. Though this may not prove to be sufficient enough for resolving all the financial woes, it will at least handle the immediate crisis at hand and give time to plan for future actions.
Do you think a cheap term plan with a high life cover is enough? Many people just want to save money where ever possible and they just go with this kind of plans without knowing how good the record of this company while settling insurance claims. Always go with the company that has a good claim settlement ratio, a huge number of customers, a good financial background, and an off-course good reputation.
