In today’s date, insurance is viewed as an
extremely overrated subject. This is mainly because of the misconceptions that
people carry in their minds about this topic. There was a time, when insurance
was held in high regard because it was known for offering an absolute safeguard
against all kinds of risks that affect one’s life and property. However, rising
competition, increase in the number of service providers and unhealthy
marketing tactics has led to a shift in its focus.
Today, even if a genuine provider is to
approach us with a valid insurance cover, the first thing that we prefer to do
is to turn a deaf ear. The end result of this is that half the population
remains uninsured, while the remaining half is caught between the wheels of
less useful policies. Hence, choosing an
appropriate insurance policy without being taken for a ride is extremely vital.
Understanding
your Needs:
Each and every individual has a different
set of needs and requirements. Likewise, the number of dependents also tends to
differ largely. Under such circumstances, making a less informed decision is
certainly not the right thing to do. People find it more comfortable to blindly
follow the masses. They find a great pride in signing up for policies that are
most popular in the market. Insurance agents are equally prompt in pushing such
policies solely because of the hefty commission cuts they get to enjoy on such
sales. Eventually, when the time to benefit from an insurance cover arrives,
either the policyholder or his family members realize that the choice has gone
miserably wrong and nothing much can be done about it.
Protection
v/s Investment:
There was a time when insurance policies
were floated in the market solely with the objective of offering a sufficient
cover against unforeseen risks. However, the rising demand in the market has
motivated insurance companies to come up with policies that serve the purpose
of investment as well. Hence, while getting yourself insured, it is essential
that you first ask yourself as to why you are considering an insurance cover in
the first place. Once you have a clear cut answer only then should you
shortlist on a policy. When this is done, your individual requisite of
protection, investment or a combination of both will be rightly served.
Income is the Key:
Yet another crucial factor that plays a
central role while deciding on an insurance cover is the prospective
policyholder’s income quotient. Both the level and graph of income of every
individual is way too different from one another. Insurance is generally not a
onetime activity. You need to make it a point to pay timely premiums so as to
enjoy its benefit either on the death of the policy holder or on the maturity
of the policy. Hence, at times income can act as an active deciding factor.
After all, a high premium policy that is suitable for a successful businessman
may not help the working class in anyway.
Online
v/s Offline Insurance:
No sure shot conclusion can be laid as to
which mode of insurance, online or offline is more reliable. However, both
these channels have their own set of pros and cons. If you are going the online
way, then you need to make it a point to study every term and condition with
utmost concentration. If you have any queries, it is better to get them solved
before zeroing down on any insurance cover as such. On the other hand, is the
offline mode, which is equally challenging. In this case, the insurance
company’s marketing personnel and agents try to bombard you with heaps of
information, which in the end creates unnecessary clutter in your mind. Many a
times, they tend to push those policies that are suited to their personal
interests instead of paying heed to the policyholder’s short and long term
requirements. Hence, in either case, staying alert and thinking well before
taking the final call becomes mandatory.
All said and done, if you are planning to get an insurance cover for yourself, then make sure to take all the aforesaid factors into consideration. For the correct calculations about your insurance premium and coverage of your life value, visit Findvise or download the app. With the use of the most scientific methods and AI, this robo advisory platform will correctly calculate the best for you and that too in an unbiased way.
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