{"id":134419,"date":"2021-06-26T00:00:00","date_gmt":"2021-06-26T00:00:00","guid":{"rendered":"https:\/\/trybeem.com\/blog\/insurance-shopping-5-tips-to-buy-the-right-term-plan\/"},"modified":"2024-10-16T07:41:02","modified_gmt":"2024-10-16T07:41:02","slug":"insurance-shopping-5-tips-to-buy-the-right-term-plan","status":"publish","type":"post","link":"https:\/\/trybeem.com\/blog\/insurance-shopping-5-tips-to-buy-the-right-term-plan\/","title":{"rendered":"Insurance Shopping: 5 Tips To Buy Right Term Plan"},"content":{"rendered":"\n<p>A term insurance plan is like a security blanket \u2014 financially of course. In the event of unforeseen circumstances, insurance is what will help you and your family\u2019s financial needs.<\/p>\n\n\n\n<p>Lately, there has been a surge in the number of term insurance plans available. And so many options have made it difficult for working professionals to choose what plan suits them best. <\/p>\n\n\n\n<p>It\u2019s National Insurance Awareness Day and we\u2019d like to&nbsp;help you make a well-informed investment decision. So, we have pinned down 5 tips that you can resort to before you sign up for an insurance plan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Your \u201cneed\u201d first<\/h2>\n\n\n\n<p>Purchase a plan based on your needs and not on what your peers suggest you might need. The purpose of a term insurance plan is to meet your family\u2019s needs in your absence. So, before you sign up for anything:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It is essential to keep their needs in your mind.<\/li>\n\n\n\n<li>Assess your source of income, the number of dependents, all your existing debts and liabilities such as <a href=\"https:\/\/trybeem.com\/blog\/best-home-improvement-loans-to-choose-from\/\">home loans,<\/a> car loans and education loans.&nbsp;<\/li>\n\n\n\n<li>Account for all expenses that you incur to maintain your present lifestyle.<\/li>\n\n\n\n<li>Choose the right policy that has terms and conditions that work in your favor.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Online insurance shopping&nbsp;<\/h2>\n\n\n\n<p>When you\u2019re looking to buy a term insurance plan, note that there are three types: basic term plans, plans with a monthly income and plans with increasing monthly incomes.\u00a0<\/p>\n\n\n\n<p>Before you buy your plan do a comparative study on each plan weighing pros and cons\u2014only then will you land the best deal based on your preferences.&nbsp;<\/p>\n\n\n\n<p>Once you know which term insurance plan suits you best, buy online! It is quick and hassle-free and it even allows you to calculate your premium in real-time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pick the best cover-up<\/h2>\n\n\n\n<p>While you are insurance shopping, ensure that the sum assured covers your existing and potential future liabilities.&nbsp;<\/p>\n\n\n\n<p>Remember the rule of thumb and choose a cover that is at 12 times your current annual income. At the same time, also take into account inflation and make the correct assessment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Know your riders in support<\/h2>\n\n\n\n<p>Riders are additional benefits that often enhance the scope of protection offered by a term insurance plan. Riders are features or benefits that strengthen your base policy.<\/p>\n\n\n\n<p>You can choose either one or multiple riders for your term insurance plan, thereby increasing the level of protection.<\/p>\n\n\n\n<p>A Comprehensive Accident Benefit is a good example of a rider. It provides additional protection in the event of a partial or total disability due to an accident.<\/p>\n\n\n\n<p>Note: A rider will make your premium slightly expensive. But in the end, it is worth it because it only provides extra benefits to protect your loved ones.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Be an early bird<\/h2>\n\n\n\n<p>This goes without saying for all investments. The sooner you start, the better. Because procrastination is a thief of time. Start investing while you\u2019re still young and you will have more income available later. So, if you are planning to buy a term insurance plan, then now is a good time to invest in your future. Then your risk is lesser as compared to someone older and can access higher benefits at lower premiums.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A term insurance plan is like a security blanket \u2014 financially of course. In the event of unforeseen circumstances, insurance is what will help you and your family\u2019s financial needs. Lately, there has been a surge in the number of term insurance plans available. And so many options have made it difficult for working professionals [&hellip;]<\/p>\n","protected":false},"author":77,"featured_media":247400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9832],"tags":[107,134,250],"edited-by":[],"class_list":["post-134419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-health-insurance","tag-financial-planning","tag-insurance","tag-term-plans"],"acf":[],"_links":{"self":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/posts\/134419","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/users\/77"}],"replies":[{"embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/comments?post=134419"}],"version-history":[{"count":0,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/posts\/134419\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/media\/247400"}],"wp:attachment":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/media?parent=134419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/categories?post=134419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/tags?post=134419"},{"taxonomy":"edited-by","embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/edited-by?post=134419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}