Getting the right life insurance for you and your family can become overwhelming at times. All those complicated to understand terms, definitions, coverages, rates, conditions, endorsements and exclusions can create a lot of confusion in your mind about what is right for your family and what is not.
Investments like life insurance are never fun, but they are something that is required to lead a peaceful life. Moreover, to get the best suitable life insurance, you need a reliable insurance company. We have come across many people lately, who are not so sure about their life insurance provider when asked to name the company. Most of them know their life insurance company as their local agent. In short, they know who sold them the insurance but not entirely sure about who the real insurance provider is and what is their reliability in the market.
To stay financially safe at the time of any crisis, here are some essential tips you must consider:
#1 Financial Solidity Of The Insurer
When you are deciding to secure your family financially, the first thing you need to check is how stable the company financially is from where you purchase your insurance. Make sure the company you choose has all the valid resources to fulfill their commitment towards you, as a customer. The best way to do so is going through detailed research before deciding on any one life insurance company.
Now a day, it is straightforward to check any company’s financial health by checking its rating on CRISIL. Being AAA the highest score, you can make sure how financially sound an insurance company is in meeting its obligations towards its customers and employees.
#2 Types of Life Insurance Policy
Life insurance policies are not merely an off-the-shelf product. When you explore the market for insurance, you will come across various mesmerising offers attached to different life insurance policies provided by different companies. However, it is not so difficult to select the best out of the rest. You just need to check which life insurance policy meets all your needs and what gives you the maximum coverage at the most competitive price.
#3 The Claim Process
Providing timely claims and maturity benefits is the first and foremost responsibility of any insurance company. We have come across many people whose applications have been rejected. Hence, to enjoy a hassle-free claim process, you should check the reliability of the company regarding high claim settlement ratio. This will help you ensure that your family does not face any problems to get the sum assured when you are not there to support them.
#4 Customer Service
All those jargons related to life insurance or any other insurance are quite dazzling and sometimes even overwhelming, especially if you are a first-time insurance buyer. Now the question is, if everything, everywhere looks so good and confusing at the same time, how do you know that you are selecting the right insurance, provider? Well, that is quite simple. A trustworthy insurance provider will always keep its potential and existing customers well-informed about all terms and conditions surrounding an insurance policy.
Also, a good life insurance providing company will work towards creating awareness through various online and offline resources. They will be open 24/7 as a dedicated customer service department to solve your queries. You can also expect email and chat assistance from their end while purchasing your life insurance online.
#5 Transparency Is the Key To Right Decision
Transparency offered by a company is the most vital element in your decision making. Go on to web aggregator websites like coverfox.com and get to compare policies of different insurance companies you are planning to get your insurance from. You can also check if there are any complaints filed against the company through official website of IRDAI. Moreover, if you see any of them, do check the resolutions provided by the company. Also, check the tenure of declarations made.
We understand it can be quite confusing gathering so many information, but when it comes to safeguarding your family, it is better you make a planned decision. If required consult an experienced and professional financial planner, who can help you narrow down your options.