So some of you may also have difficulty on how to choose the right life insurance. Here are the various considerations you can make before choosing life insurance for you and your family. Here i will help you, how to choose the right life insurance. Even tho you are so in doubtfull this article might help to understanding life insurance for dummies. Haha XD, just kidding.
1. Customize With Your Needs
Just like buying goods in general, know and make sure what kind of product you will buy into the main thing that you should know first. Some insurance companies will usually offer you more than one product, so choose products that suit your needs, abilities and financial goals. What risks will be insured? For example, the cost of child education, old age guarantees or critical illnesses that may occur. Learn and compare between insurance products one with other insurance products, and adjust to your needs.
2. Budget
The other most important thing is to adjust your budget so as not to disrupt your budget for other needs. Choose pure health insurance whose premium is relatively lower than insurance plus investment, if you need the benefits of complete health insurance but have a limited budget. Make a monthly budget to pay for your life insurance. In the theory of financial planning, the ideal way is to allocate income or income between 10% -20% for insurance.
3. The Credibility of the Insurance Company You Choose
Best Type of Life Insurance for 40 Year Old is How Come the Credibility of your Insuance Company
If you are that old so you must pick the best Insurance Company with the best Credibility. Insurance is a long-term agreement. Therefore, the credibility of the insurance company you choose also becomes the most important thing. Choose a non-performing insurance company in terms of financial management. Monitoring the development and performance or management of one of the ways that can be done. Make sure whether the insurance company you choose is not a problem. You can see the financial statements through newspapers, or other mass media. See ratings and ratings. Note the company's RBC (Risk Based Capital), whether it has been in accordance with government regulations at least 120%. Familiarize yourself with the ins and outs of the companies you will choose.
4. Service
Choose insurance companies that offer extra servants. Like having 24-hour customer service. This will certainly help you later if you need information about the details of life insurance products whenever you need. Also, know how the claim procedure is used. Starting from the requirements up to how long your claim will be paid later. Does the company cooperate with the hospital, making it easier for customers to make claims, without paying first? because if not, will trouble you later.
5. Do While You Are Healthy
How to pick a health insurance company?Do It While You're Healthy
How to pick a health insurance company? Well if you want to know that, sure it is you must do it befor you sick right? Every insurance company has different criteria in terms of health conditions of their potential buyers. Some even reject the proposed insurance prospective clients if deemed not meet their requirements. Therefore it is better if you buy insurance while you are healthy. This is, of course, affect the premiums paid. If in a healthy condition, the premium paid will be minimal compared if you buy it at the time of illness. Do as early as possible, while you are healthy.
Consider Carefully
Many things can be your consideration in choosing the best insurance. But consider everything carefully, do not be shy to ask in detail everything you do not understand. Consider the various advantages and disadvantages of the insurance you choose. Because the nature of insurance is a long-term agreement then choose wisely and in accordance with your needs, so as not to regret later in the future. One more thing, make sure the insurance you choose not only protects you but also protects your family.
READ ALSO: DIFFERENCE BETWEEN INSURANCE AND ASSURANCE
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