Marriage, a new baby or taking on a home loan can change the way your family depends on your income. These milestones are useful reminders to review your life insurance rather than relying on a policy chosen years ago.
START WITH THE FINANCIAL RESPONSIBILITIES
List outstanding loans, household costs, childcare, future education expenses and other commitments. Consider how long your dependants may need support and whether another family member has income or assets that can contribute.
Your existing savings and insurance cover also matter. The goal is to estimate a realistic protection need rather than choosing a cover amount based on a rule of thumb alone.
UNDERSTAND THE TYPE OF POLICY
Term insurance generally provides life cover for a specified period and typically does not pay a maturity benefit if the insured person survives the term. Other policies may combine insurance with savings or investment features, with different costs and conditions.
Compare premiums, policy duration, exclusions, claim conditions and the ability to maintain premiums over time. A low premium alone does not tell you whether the policy suits your family.
BE ACCURATE WHEN APPLYING
Disclose medical history, occupation and other requested information accurately. Keep policy documents accessible and make sure the people who may need to make a claim know where to find them.
Review cover after major changes such as a new child, a large loan, a change in income or a move towards retirement. The right protection plan should reflect your family's current circumstances.
Life insurance cannot replace a person, but appropriate cover can help reduce the financial disruption a family might otherwise face.
Protect Your Family & Business Continuity
Consult our IRDA-certified insurance advisors (IC38) for independent term life insurance, comprehensive family floater health plans, and corporate risk coverage.
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