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Top insurance tips to make your life easier

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Life insurance is an important part of financial planning. However, with all the complexities of different policies, understanding all of the ins-and-outs can be difficult.

Here are some insurance tips that may come handy when making a choice in the insurance you are going to purchase:

1. Buy insurance when you're young and healthy

It has been seen that most insurance claims are made by people in the age bracket of 30 and 40 years. Not to mention, it is easier and cheaper to purchase insurance at a younger age since you are considered a low risk candidate to make a claim in near future.

2. Consider your income

It is important to consider the tax benefits that your insurance will provide. Hence, it is vital that you choose to go for a reputed insurance provider like HDFC Ergo who can provide you tax friendly insurance policies like the general insurance policy.

3. Opt for a comprehensive coverage

By choosing a comprehensive coverage you can protect yourself and your family against critical illness, disability and even death of a family member.

4. Make changes in your lifestyle

Your premiums will be much higher if you smoke as you are more prone to health risks. The same is the case if you are obese. Hence, in order to keep enjoying lower premiums it is important to lead a healthier lifestyle.

5. Review your policy on a regular basis

The policy you purchased when you were 30 may not be suitable at the age of 50. By regularly reviewing your coverage and benefits you are ensuring protection in case of an emergency. If you think your old policy is not suitable, you may want to consider looking for a new policy with lower premiums.

6. Do not shy away from the application process

As a part of the application process you may be required to share some personal details like your salary, medical history and lifestyle. While no one wants to share their personal business with a stranger, it is extremely important to share such information in order to create an accurate picture of your risk factors. These risks determine the premium you pay and a failure to disclose or hide information may make your policy void at the time of making a claim. 

9. Assess future possibilities with your spouse

Buying insurance is an important decision that will not just impact you, but also your family. Hence, it is vital that you discuss with your spouse how you will financially cope if either one of you passed away.

There are many companies providing insurance in the market. It is important that you do not just go with the one who offers lowest premiums but also consider the reputation, track records and customer support of the insurance provider.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.