10 things to know about life insurance

It’s always better to know some important things about life insurance before purchasing a policy. This ensures that you get the best coverage your money can get. The 10 things to know about life insurance are:

1. Browse the market: It’s always better to have a good look at all the policies available in the market, and to check the premiums before taking a decision. A good place to get this information is the internet.

2. Don’t overbuy: Try to have just the right amount of insurance that is practically possible. A higher policy will demand a higher premium which is not required. At the same time, don’t underinsure yourself by opting for a small policy.

3. A healthy body gets a healthy rate: Healthy people pay the least premiums. However, habits like smoking, drinking, intake of drugs, obesity or a bad driving record can send your premium shooting through the roof

4. The sooner the better: Don’t delay in purchasing a life insurance policy. The best time to buy a policy is when you are young, and have just started working. This will give you a choice of the best policies.

5. Review your coverage periodically: You should review your policies whenever there is a major change in your life, like the birth of a child or your children joining college. Periodical reviews help you to ensure that you are paying the right premium, and that you have the right cover.

6. Never pay unnecessary commissions: The premiums of most insurance policies are high because they also include the commissions of the agent/ broker. To avoid this, go for an insurance company that offers no-load policies -- sold directly to you.

7. Monthly premiums are costlier: One way to save money is to avoid monthly premiums. You must therefore go for half-yearly or annual premiums, which are cheaper.

8. Never rely only on your employer’s insurance coverage: Most of the employees are offered group life insurance by their employers. But this may be insufficient to meet your needs. Also, the group life insurance policies get terminated once you leave the company and hence are unreliable.

9. Always tell the truth: Never try to lie while filling the insurance application. If you are found guilty of hiding facts, such as your smoking habit, the company may terminate the policy at any time.

10. Higher Coverage may be cheaper: In life insurance, premiums get cheaper as you opt for higher coverage amounts. So there’s nothing wrong in increasing the coverage, if you can afford to it.

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