What The Right Life Insurance Plans For Your Family Should Be Like
What would be the best life insurance policy for your family? While you may already understand the meaning of life insurance, choosing the right plan is no piece of the cake.
Experts advise choosing plans which can ensure consistency and continuity in income while enabling families to meet future financial goals.
You should thus consider several factors, like your income sources, liabilities, assets, number of dependent family members, and so on, for determining the right coverage. Here is a guide to choosing the right life insurance policy for your family.
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Here are a few core points that you should keep in mind while making this decision:
If you already have an investment portfolio of Rs. 30 lakhs, you will need coverage of Rs. 70 lakhs as a minimum amount. Do not include your home as an asset while calculating the same. Suppose you currently have loans of Rs. 40 lakhs along with your children’s higher education needs, which can be Rs. 50 lakh in the future. Now, add it all up, and the total overage requirement is Rs. 1.60 crore. Make sure that you add future inflation into the calculation. The coverage amount may balloon up to Rs. 2 crores and upwards in this scenario. However, it will be enough to protect your family in your absence while giving you greater peace of mind.
These are a few tips to help you choose the best life insurance policy for the family. It should cover all their future requirements while being from a reputed insurer with a track record of timely claim settlements. It should give you mental peace above everything else. Invest some time and effort into your decision.
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