When you’re just married, you’re at the precipice of the rest of your life. All your decisions will impact the future in one way or the other, and you will find yourself debating over decisions that are both, large and small.
While you understand how vital it is to be insured, you may find it hard to identify the right insurance policy for you. When you’ve got a salary bracket of 5-12 Lakhs per annum, every single penny you spend counts. This is why getting the maximum value for your money when picking out an insurance policy is something you need to prioritize. Here’s how you can go about choosing one:
Quick tips choose a life insurance policy that offers MAXIMUM value for your money
1. Do your research!
When you’ve got countless insurance policies, and each claims to be the best for you, then recognizing the perfect one can be a challenge. Your first step should be to learn as much as you can about the policies that seem tailor-made for your income bracket. Gauge their suitability on the basis of the coverage they offer, the premium you must pay, and the overall term that you’ve got this policy for. It can help you understand which of them offer the most value for your money while taking care of your specific needs.
2. Look for flexibility
Insurance policies that can offer the most value for your money are those that offer flexible options. Without a certain amount of flexibility, it’s hard to for policies to suit your individual needs and the needs of your family. A policy that allows you to alter the coverage, or pay premiums either on a monthly basis or a lump sum can let you make the benefits and features work to your advantage as and when you need them the most. With an inflexible policy, you run the risk of ending up with something that may not suit you a few years down the line.
3. Understand your priorities
No matter how great an insurance policy is, it can only do a certain amount of good if you don’t really have your priorities in order. As a young working professional, you’ve recently married and can be more prone to thinking of only your wife and yourself as your family (and we’re not saying it is wrong – it is just the two of you right now). However, you may have certain aspirations down the line that won’t align perfectly with your current ones, like sending your children abroad for higher studies. Therefore, when you’re about to pick an insurance plan and are trying to understand the cover and term, it’s important to know what you need the money for. Just ensuring your family’s financial well-being when it’s just your wife is a whole different ball game than ensuring financial well-being when your children are involved. Of course you don’t have to plan out your entire family and chart all your growth in one afternoon! It just pays to have a more holistic idea of what you may need in the future.
4. Understand what you need the policy for
Life insurance policies can have an extremely long term, with the payout occurring at a certain age, or they can have short terms, with the payout occurring when you desire the money. Therefore, to find a policy that can offer you the most value for money, you need to identify what you need the policy for. If you aspire to buy property within the coming ten years, then investing in a ULIP with a comparatively shorter term can be more beneficial to your needs rather than investing in a traditional life insurance with a term that lasts till retire.
Thus, as you can see, a little bit of attention to detail can go a long way and help you protect your family.