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How Much Life Insurance Should be Good Enough for You?

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November 08, 2017

Life is a series of uncertain events and one of them is the unfortunate event of death. It comes uninformed and is, thus, even more dreadful. In order to safeguard their families from such an event, most people invest in a life insurance policy. While this is a good precautionary measure, the question to ask yourself is, "Do I really need life insurance?"

The answer to this question varies from person to person. If you have no dependents or family, then you don't need it. Similarly, if you have the fortune to back your family in your absence, then again, you won't need a life insurance plan. However, if you are a contributor to your family's income and have people depending on you, you certainly need to get yourself a life insurance policy at the earliest if you don't already have one.

Before buying a life insurance plan, it is important to assess your reasons for buying one carefully. It is also equally important to evaluate your needs along with your family's while choosing from different life insurance policies. Before selecting a policy, analyze the following:

Your family's overall needs

In your absence, your insurance policy acts as a substitute to the income you bring to the table. Therefore, make sure that your life insurance plan is able to provide your family with everything that your income currently does. Also, add a certain percentage of inflation costs to this.

Future needs of your family

While you are gone, the needs of your family continue to grow. From your children's further education and wedding celebrations to your spouse's future medical expenses, you will need to consider everything while choosing a life insurance plan. Now, add this amount to your income substitution costs.

Current debts

To the above amount, add your outstanding debts if any. This would include any mortgages, car loans, personal loans, etc. Factor in the interest you pay on your loan. This is important because after you pass away, you wouldn't want your family to bear the burden of your loans. 

Consider all these factors before deciding on the amount of your life insurance policy. Ensure that the coverage benefit helps your loved ones bear all these expenses.

Also, while looking for the best insurance plans, check out what HDFC Life has to offer. It gives you the best benefits and protection through its varied policies. The company's life insurance plans cover a wide range of requirements. These include protection plans, health plans, children's plans, women's plans, NRI insurance plans, and group insurance plans, among others.

Determine your amount and choose the perfect plan that fits your needs the best.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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