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Factors to consider before deciding your term insurance
Posted on: 04/Oct/2016 2:46:53 PM
The cheapest of all life insurance policies is a term insurance. Sadly, most of us are skeptical about its importance and need, and question its need. Contrarily, this should never be a question, but a mandate. If you are not sure of how to go about the insurance scheme, here is a brief on it, read on:
What is the ideal amount to invest in a term insurance?
Often times, buyers are keen about the premium amount they will have to pay, and then about the total sum assured in the insurance. They fix an amount that they can afford to month on month. Thinking in this way is actually not the right method.
Before deciding on the amount to invest, you need to think of the following:
- The salary amount you draw at present
- Payment hike you are likely to receive in the following days
- What is your part in sharing the financial burden of your family?
- Expected expenditure in the coming days such as school fees, college fees, healthcare needs, etc
- Increasing price and inflation
Taking all these under consideration, decide on the sum assured that can benefit your family when in case of unforeseen incidents.
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