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Popular Questions to Ask Before Buying Life Insurance

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December 02, 2016
Getting the right kind of life insurance makes a huge difference in one's life. Today, there are umpteen insurance players in the market that claim to offer you the best insurance benefits. However, are these policies really worth your money, time, and effort?

There are a number of things you need to consider before investing in an insurance policy. These include features, benefits, and cost-effectiveness, among others. What could also help here would be comparing different life insurance policies before investing in any.

To help you make the right choice, we have come up with a list of questions you should ask before investing in a life insurance plan.

Is your agent an authorized one?
While many life insurance agents may use you to make a quick buck, there are a few authentic agents out there who will truly help you. Before purchasing a policy, check whether your agent is authorized to do so. You may procure details like his license number and validity. Also check, if the person is a full- or part-time agent and how much experience he possesses.

What are your current and future financial needs?
This is a driving question that decides the kind of insurance you choose. Carefully assess your current as well as future financial needs before you select a life insurance plan. Here, you would need to take into consideration your current annual income, your expenses, and your standard of living. Analyze all these along with your plans for the future, and select a policy that best suits your needs.

What should be the tenure of your policy?
This would depend on the kind of life insurance policies (whole life or term insurance) you choose, which in turn would depend on your current and future needs.

What are the benefits of your policy?
Before investing in a life insurance plan, check with your agent about the premium breakdowns, the sum assured, whether or not your policy has cash value, and the inclusions and exclusions of your insurance policy.
However, the buck doesn't stop here. There are a few points you need to clarify with your life insurance agent after you've purchased the policy. These would include:

  • Does your policy have a partial cash value withdrawal feature?
  • What happens if you borrow from your insurance policy but aren't able to pay the money back?
  • Will the failure to repay the loan taken from your insurance policy affect the sum assured?
  • What is the minimum lock-in period of your policy?
  • Are you able to add on riders to your policy?

While looking for the best policies around you, don't forget to check HDFC Life. It offers you some fantastic and cost-effective life insurance policies that range from protection plans and health plans to children's plans. They also have some great women's plans, retirement plans, as well as investment plans from the gamut of other plans they offer.

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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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