One of the most vital parts of financial planning is Insurance. It is not an easy task to understand the concepts of life insurance as one need to be aware of all the insurance terms and details. There are various terms and concepts related to insurance like sales representative, loan, broker, insurance advisor and many more. Most of us who are not aware of the insurance concepts rely on insurance advisor and others, who are well aware about insurance. Not every one of them trusts and believes the insurance advisors / insurance sales representatives due to certain reasons. In many instances people end up paying a huge amount with wrong insurance policies. It is very important that one has to be aware of all the concepts before buying insurance.

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3. #1
Decide on the amount of life insurance by checking if it caters to all your needs in the future.

4. #2
Decide on the kind of insurance you need from the innumerable insurance policies available.

5. #3
Do a detailed research and compare the cost of all the similar policies and their contents.

6. #4
Understandand plan your financial needs to give you a clear picture about which type of policy to go for.

7. #5
Decide if you need a term insurance or permanent insurance before opting for an insurance policy.

8. #6
Select the perfect policy based on how much you will be investing depending on your income and how much you can afford.

10. #7
Using the two types of index numbers - Payment Cost Index and Surrender Cost Indexchoose the best policy for you.

11. #8
Think & research properly about the kind of policy you would like buy rather than just listening to your agent and deciding.

12. #9
Seek the help of an independent broker for unbiased advice to know the pros & cons of each and every policy.

13. #10
Keep in mind that seeking insurance is for your family’s protection and not for your investment.

14. #11
Check if the buyer is paid through the commissionor feeand look for other alternatives in case of a commission involved.

15. #12
Ask questions to your advisorlike terms of the policy, the benefits, the validity and many such factors.

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