Nowadays almost everyone has a life insurance policy (Life Insurance Policy) But sometimes there comes a time when its Premium (Premium) is heavy to pay. The Covid-19 epidemic in particular has had a devastating effect on the economic situation of many people. So let us know today that life insurance premium can be reduced keeping in mind some things so that there is no hassle later.
- Most importantly, try and buy life insurance at an early age. The best time to buy life insurance is considered to be 28-30 years of age. Because at this age the risk of getting sick etc. is less. So companies charge lower premiums because, with age, the premium increases. And an unnecessary burden falls on the pocket.
- Always choose a policy wisely and with expert advice. The term life insurance is appropriate, i.e., not too short or too long. If reduced, the policy will expire before your financial obligations are met. So, the longer the term, the higher the premium burden.
- Taking a Term Plan is always a good decision. One, this allows you to get greater coverage at a lower premium and also provide the necessary protection to your family. However, be careful when taking a term plan. Serious illness and other morning treatments can be included in the term plan, so take advantage of it if needed. According to experts, a 35-year-old should cover 10 to 15 times their annual income. However, money is not available when the insurance term expires, such term plans are very expensive if money is needed.
- Before taking out a policy, compare between several types of policies. Compare their premium, claim settlement ratio, total cover amount and available features. To get help with this task, consult an expert or do this task online with the help of various websites.
- Never buy a rider. Then even if companies give you a cheap rider, but buy as needed. Otherwise these riders will increase your premium burden. Rider means taking other features along with the policy. These include serious illness, premium exemption, accidental death, permanent or partial disability and income benefit rider.