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3. If you're considering buying insurance, then there are some steps that
can help you find the right plan for you. The first thing you should do is
a bit of scouting around - find the different companies that offer life
insurance and sort through them. It's best to narrow down the list to
those companies who have a reputation of being financially stable and
solid. Check out which kinds of plans each life insurance company
offers and what the plans are best suited for. For example, you might
like the idea of child plans, where you can pay until you are able, and at
your demise the company pays the premiums in the interim. This allows
your child to derive the benefit of your insurance - which could be in
your name or in your child's name as well. Dig in to the options you
have and sort through different kinds of insurance like - savings plans,
pension plans and so on.
You could get a Best Ulip Insurance plan for your entire family as a
group or yourself as an individual too - options you should consider at
length so that you end up making the most of your money.
4. Once you're sure about what you want - decide on how long you
want it to be. You generally have the choice of picking either a term
policy, which ends at a specific period, or you could choose a life
term - where it is applicable till your death. While you're looking at
this - also look at how you'd like to pay for your premium. You
should generally have the option of paying each month, paying
twice in a year, or paying the premium annually to choose from.
Pick a form that best suits your needs. If you're hoping to pay for
something like retirement plans, and you would rather fore-go
expenditure each month; then pick an annual method of payment.
This means that you only need to pay once a year but in a larger
sum, rather than in bits and pieces each month.
Look at whether you would be better off with life insurance plans
that are traditional, or would you prefer something like unit linked
investment plans (ULIPS).
5. These allow you to both set aside an amount as investment and
another part of the premium as a saving for your insurance. There
are different plans and each one has its own pros and cons; make
sure that you ask a life insurance agent to guide you through the
process and clarify your doubts. When you're looking through
protection plans, make sure that you look at life insurance policies
in a way that would most fulfill your specific needs.
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