Tips before getting life insurance

 1)Sum assured

Your sum assured should be atleast 10 to 14 times of your earning income.

2)Policy term

The policy term refers to the age that you will be covered. A good policy term should favour you for atleast 60 years of age. 

3)Premium payment plan 

Always choose an Insurance that does not require you to pay the full annual amount at the beginning of the policy cover.This  allows an insured to enjoy investment earnings on premium dollars during the time between payment of the premium at the policy's inception and the time of the actual loss. Three common types of premium payment plans include deferred premium plan, lagged premium plan, and discounted premium plan.

4)Claim settlement

This is a metric used to measure the percentage of life insurance claims an insurer settles during a financial year compared to the total claims. Always make sure that the clain settlement is at the ratio of

Claim Settlement Ratio = (Total no. of claims approved/Total no. of claims received) x 100