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Tips to Keep in Mind while Shopping for Personal Insurance


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We have heard so many times before that death, like taxes, is certain in life. No matter how morbid you might feel about it, death is an inevitable subject one way or another. If, for instance, you have somebody depending on you and you ask yourself this question: “Will that somebody have financial problems if I suddenly die?", you may actually be thinking about getting a personal insurance and have unwittingly based your concern on the sad prospect of passing away prematurely. Since, again, death is certain, you may want to seriously address this concern just the same (if it does cross your mind).

Like marriage and childbirth, death is also becoming an expensive proposition. Even if, say, you don't have anyone relying on you, don't be too hasty in rejecting life insurance. At the very least, you should have insurance to cover medical expenses, funeral expenses and estate taxes in case you leave taxable assets behind. You certainly would like to leave good memories to your loved ones, not bills to pay.

Buying life insurance is an important decision you have to make. Choosing the right insurance plan could be a daunting task and, therefore, should be given careful thought and extreme care, especially since there is a wide range of products available in the market. A hurried or uninformed decision to get an insurance plan could result to a waste of your hard-earned money. Your expectations may not be met, you end up with broken promises, and you could be paying for something outside your budget.

To avoid these gloomy prospects, choose your insurance plan wisely. Here are some tips on how to buy the right insurance and how to benefit well from it:

1) Do your homework. Learn about as many insurance plans as you can. Canvass for best deals then compare your notes. Determine which plan gives the best value for your money. A well-educated decision will always get you the right insurance with big benefits and save you lots of money.

2) Know your needs. After you have learned about the different plans and packages, see which among them suits your needs the most. Determine your needs and weigh the benefits of each plan against them. Consider your current financial and family situation. Being aware of these will help you figure out which plan is best for you.

3) Ask for computations. Your insurance agent should provide you with illustrative computations on cash values and estimated cash dividends to give you a clearer picture on what kind of money you're looking at.

4) Buy just enough. What you and your family will need and what you can actually afford to buy and consistently pay over a period of time must not outweigh each other. You don't need to get an expensive plan at once since you can always easily upgrade later. Keep in mind that your plan must meet your budget, taking into consideration too the other things you regularly pay for.

5) Check on low premiums with big returns. The best plans are those that give you big benefits even while you are paying modest premiums.

6) Assess the advantages given your paying capacity. Get more mileage for your hard-earned money. Buy a plan that comes with a bundle of benefits; one that gives you savings, health coverage and protection in one affordable package.

7) Demand a guarantee. A good insurance guarantees your claims when you need it. A “money back" plan not only guarantees your claims; if you stay healthy throughout your policy, it also gives all your money back - guaranteed!

8) Invest your money with a reliable insurance company. Before signing your contract, check the stability of your insurance company first. Know the size of the company, the people behind it, its consolidated assets, and its reputation in the industry. Can it deliver your claims as it promised? A reasonably priced and beneficial plan is nothing if the company you're investing with cannot deliver your claims rightly on time.

Finally, think of your insurance plan as a forced savings account which you can take out in cash if you really feel no need to leave insurance to anyone.

[Read more of Mara Bateman]


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