![\"types-of-life-insurance\"](\"https:\/\/www.newsilike.in\/wp-content\/uploads\/types-of-life-insurance.jpg\" "\\"\\"")
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Including life insurance in your financial plan is vital. Nonetheless, there is a lot of confusion and often skepticism when you consider buying a policy. This is due to its complexity or the hesitancy to discuss death.<\/p>\n
Gaining a proper understanding of life insurance makes it easier to buy a policy. Here are ten important yet overlooked features that help you make the right decision:<\/p>\n
If you have a dependent spouse, parents, or children, buying a life insurance policy<\/a> is a necessity.<\/p>\n Rather, it acts as a financial safeguard to your dependents in case of an unfortunate event. The policy benefits may be used to pay for a mortgage loan, children’s education, or meet regular expenses.<\/p>\n Several insurance policies include an investment component along with life coverage. Additionally, there are some tax benefits available when you buy an insurance policy. Nonetheless, insurance must not be used as an investment but should be used towards securing the financial stability of your loved ones.<\/p>\n Traditional plans like endowment or money-back policies are expensive if you buy a higher sum assured. However, an excellent and affordable way to of avail a high coverage is through a term plan, which is a pure life cover and is available at affordable premiums.<\/p>\n Some insurance policies offer waiver of premium in case of certain events. For example, if you are permanently disabled, the insurer may waive off the balance premium for the remaining tenure.<\/p>\n Generally, you are unable to change the sum assured once you buy a term plan<\/a>. However, some insurers offer the increasing sum assured option, which allows you to enhance the coverage at periodic intervals.<\/p>\n Riders allow you to increase the coverage as per your personal needs. Some of the common riders such as critical illness rider, personal accident rider, and permanent disability rider offer more coverage than the base plan.<\/p>\n Considering your regular household expenses is the best way to determine how much coverage you need. Multiply your annual income by 15 and then choose a term plan for a period until your retirement.<\/p>\n As discussed, term plans are the most affordable way to procure higher a life cover. The regular types of life insurance plans include a cash value, which is accumulated over the policy period. Therefore, in addition to the death benefits paid to your beneficiaries in case of an untoward event, cash value plans pay maturity benefits in case you survive the policy term.<\/p>\n You never know when you may need emergency funds. One of the things to know about life insurance is that you are allowed to avail of a loan against the same after a certain period. Check the same with your insurer.<\/p>\n Several online tools are now available that help you make an informed decision. Nonetheless, it is recommended that you seek advice from an experienced professional to buy the most suitable life insurance plan.<\/p>\n","protected":false},"excerpt":{"rendered":" Including life insurance in your financial plan is vital. Nonetheless, there is a lot of confusion and often skepticism when you consider buying a policy. This is due to its complexity or the hesitancy to discuss death. Gaining a proper understanding of life insurance makes it easier to buy a policy. Here are ten important…<\/p>\n Read More<\/span> 10 Commonly Overlooked Features of Life Insurance Policies<\/span><\/a>","protected":false},"author":2,"featured_media":42133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"Layout":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"10 Commonly Overlooked Features of Life Insurance Policies #Newsilike #Insurance","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[5220],"tags":[],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.newsilike.in\/wp-content\/uploads\/types-of-life-insurance.jpg","_links":{"self":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/posts\/43042"}],"collection":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/comments?post=43042"}],"version-history":[{"count":0,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/posts\/43042\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/media\/42133"}],"wp:attachment":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/media?parent=43042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/categories?post=43042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/tags?post=43042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
Life insurance does not put a financial value on your life<\/em><\/strong><\/h2>\n<\/li>\n<\/ol>\n
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Life insurance is not an investment plan<\/em><\/strong><\/h2>\n<\/li>\n<\/ol>\n
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Life insurance is not always expensive<\/em><\/strong><\/h2>\n<\/li>\n<\/ol>\n
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Premium waiver<\/em><\/strong><\/h2>\n<\/li>\n<\/ol>\n
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Increasing coverage<\/em><\/strong><\/h2>\n<\/li>\n<\/ol>\n
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Using riders<\/em><\/strong><\/h2>\n<\/li>\n<\/ol>\n
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Determining the optimal coverage is not tough<\/em><\/strong><\/h2>\n<\/li>\n<\/ol>\n
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Understand the type of insurance plans<\/em><\/strong><\/h2>\n<\/li>\n<\/ol>\n
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Loan against policies<\/em><\/strong><\/h2>\n<\/li>\n<\/ol>\n