Benefits and Need for Life Insurance
Whether you’ll leave a spouse and children behind or other loved ones such as siblings or elderly parents, with life cover you can make sure they are looked after should you pass away.Insurance is no doubt most important and unavoidable and as we start earning, the first thought that strikes our minds is to get a life insurance.Most common reason for delaying this is lack of time and this makes us lose valuable time which can help us accumulate corpus.Even if you are a stay-at-home-mom who does not earn an income on a monthly basis, you will still leave a major financial gap should you pass away as you run the household and take care of all the domestic aspects of the family.
A minimum of thirty days is allowed to review the claim as per IRDA regulation, after which the benefit can be paid or denied or postponed for additional information.Very few instances occur when the company takes more than sixty days to claim the benefit after the death of the insured, subject to their requirements and needs to confirm the claim.The beneficiary should know that not all claims are handled quickly or immediately and take a while to be processed.An individual can order some death certificates that can be provided in original to each of the insurance company the insured person has insurance to be claimed.It’s always advisable to consult your agent, or IRDA Certified professional about death benefits and claims in advance.
Take out life insrance while you are healthy and young
It is important to take out life insurance coverage the soonest possible, preferably when you’re still young and healthy and before your have a family that depends on you.
Gather as many options and compare them
You will have a fair compariosn of all the inusrance offers when you do this.
You shoud not be under insured
Do your calculations and determine how much money your beneficiaries would need.
Beware of very reasonable policies
Paying a bit more by taking out life insurance from a reputable company will generally be well worth your while.
Stick to the issues
Life insurance companies do thorough investigations before approving applications and of course, before paying out large claims.
Ask yourself various questions:
How much and by when do you need for your major future expenses like children’s weddings or educations, some planned medical expense etc.?What kind of lifestyle do you wish to live after you retire?What does your investment portfolio look like?They should be able to answer all the questions.
One of the most important aspects of getting the claims is to reach out to your agent as well as the life insurance company immediately.