Outlook Money
Due to the pandemic, the number of people buying insurance for the first time has increased, and therefore, it is important to follow a strategic plan why buying an insurance policy
By selecting a proper life insurance plan, one can meet objectives, such as retirement, child's education, and income replacement
It has been observed that trying to meet multiple financial needs through one insurance plan can lead to financial risks
Financial needs change with age. Therefore, it is important to review the portfolio on an annual basis and decide on the insurance plan as per one's life stage
Before buying any insurance plan, it is important to share all the necessary information with the insurance company. The purpose is to provide future support to the dependents in case of one's demise
A personal financial advisor should be consulted before selecting a plan. It is not right to buy any insurance plan just for the sake of buying one
Selecting a good insurer is very important. One should pay attention to the claim-settlement ratio of the insurance company
Compiled by Syed Muskan