How do you choose the life insurance policy?

If you have loved ones dependent on you financially, the answer is “yes”
Knowing what your need is and an understanding of your financial position helps in choosing the right plan
List your requirements on a priority basis. A life cover should be on top of the list of requirements. You may also aim to save tax or may require money towards a future financial commitment.
Your current assets and liabilities would help you assess how much insurance you would need. Ask yourself these questions to help you in the process.

1. 
   

   What is my family’s current lifestyle expense?

   
   


2. 
   

   What do they inherit when I am no more?

   
   


3. 
   

   Definite expenses in future such as marriage or education of children.

   
   

Engage an insurance advisor
Calculate the life cover
Compare insurance plans

1.Get multiple insurance quotes that include all options or restrictions so you know exactly what is available.
2.Stay away from any agent or organization that cannot or will not fully explain exactly what you are buying and why.
3.Always remember that you are the client. At no point should you feel bullied or intimidated into buying something that you aren’t sure of.

4.Though you certainly want to purchase adequate coverage, don’t over buy. If your premiums are too high to manage because of the extras that have somehow found their way into your policy, you will be much more apt to allow it to lapse.
5.Once you find a company or agent that you are comfortable with, ask questions. The clearer you are on what type of life insurance rates and options are right for you, the easier it will be to agree on a package that suits your requirements.
6.Consider life insurance for the whole family, not just the adults. Expenses that follow a death or serious illness or accident will add more stress to an already devastated family.
7.Remember to regularly check your policy for changes that may affect you or your family. Almost all companies will send out notices to explain changes that they have made so make sure you review them.
8.Review your policies relevance regularly and update as your family and their needs change.
9.Consider your life insurance a fixed and non-negotiable expense in the same way you would your mortgage or car payment. It’s easy to consider life insurance as a luxury rather than a need, when in reality that is definitely not the case.
10.Don’t be overwhelmed by “what if” or worst case scenarios.

There are many different policies out there. Your job may even have one. Check with your job. Also, you may want to look at an insurance company. They will have a variety of policies to choose from.