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How to Make Smart Decisions when Buying Life Insurance

Buying an insurance policy is an important financial decision. It not only provides fro your loved ones in the event of your death or illness, but also uses up a part of your finances while you are fit, healthy and earning. Buying a life insurance policy is easy, but are you buying smartly?

There is no need to be caught in a dilemma or be confused hen looking at purchasing a life insurance cover. Will you be paying a huge sum towards an insurance policy? Or will you get caught in a bargain that turns bad? These questions will be at on your mind, even as you negotiate the best possible deals. A few simple steps are all that is needed to make the smart choice:

  1. List out your financial liabilities:. These include your mortgage payments, provision for children’s education, and so on.
  2. Compare the products: Take time to compare the various products being offered by different life insurance companies before selecting the product most suitable to your needs.
  3. Speak to the experts: Talk to wealth advisors rather than insurance agents. Most insurance agents will push the product that provides them with higher benefits, unlike a wealth advisor, who will provide an unbiased view as he is paid for his advice and time.
  4. Understand the basics: Will you be paying more than what you will receive as payout at maturity? Be sure to factor in inflation in your calculations for an accurate picture.

Steps to follow after purchasing Insurance

  1. Inform beneficiaries: Be sure to inform beneficiaries about the policy and all related details.
  2. Keep documents safe: Documents should be kept safe and immediate family should be informed of the location to avoid last minute hassles in times of emergencies
  3. Maintain payment schedules: Be sure to pay premiums on time and opt for yearly premiums rather than monthly to save money.

Main Benefits of Making Smart Decisions when Buying Life Insurance

Smart decision-making when buying life insurance cover can help save money during purchase as well as minimise the inheritance tax bills on the death of the insured. The money during purchase can also be invested towards meeting potential future needs, for creating a nest egg or for any number of immediate needs.

Main Draw-Backs of Making Smart Decisions when Buying Life Insurance

A penny saved is a penny earned! There are no drawbacks to smart investment decision that save money. However, the decision to make a sound investment can consume a considerable amount of time and effort. It also requires help from an expert, who is capable of helping in the decision-making process.

Best Life Insurance Calculators

How much life cover do you need? This is the first question you ask yourself when choosing a life insurance cover. The answer may not be at your fingertips but is easy enough to calculate. An insurance calculator can help you calculate the cost of life insurance based on individual circumstances.

Here is a good video to help you understand how much life insurance you should get.

This is a longer video, but it explains how to use an online calculator to make sure you get the best possible deal

What are the Best Life Insurance Calculators?

Each insurance company offers an insurance calculator that helps compute the premium payable for a specified life cover. Conversely, the life cover can also be calculated based on the premium paying capacity. Money advisory sites offer both a comparison of similar policies as well as insurance calculators. Although both calculators work on similar lines, there is a fundamental difference between the two. The calculators offered by the various insurance companies recommend the most suitable policy available with a particular company. On the other hand, the calculator available on investment advisory sites suggests investing in the most suitable policy across the industry.

Regardless of the site offering an insurance calculator, the calculated premium and life cover are an indicative general guide rather than an absolute value or actual quotation. The exact values can only be computed by an investment advisor after considering values like health, smoking habits, alcohol consumption, family history of chronic illnesses like heart ailments, and so on. Thus, a smoker or alcoholic with a family history of any chronic ailment would have to pay a higher premium for the same life cover than a healthy non-smoker and a teetotaller. Do bear in mind that individual income and not family income should be used for computing premium paying capacity.

Planning Financial Goals with an Insurance Calculator

The individual’s list of financial obligations like value of inheritance to leave for dependents, the value of outstanding mortgage (if any), other outstanding loans and debt are all factors that are required to compute the total value of the cover. Finally, the value of all existing life covers needs to be deducted from the computed value to arrive at the exact amount of life cover required.

Main Benefits of using a Life insurance Calculator

The benefits derived from using a life insurance calculator includes

  • Calculate the value of life cover needed
  • Compute the value of inheritance for your dependents
  • Calculate financial obligations like repayment of existing loans or mortgages

Main Draw-Backs of using a Life insurance Calculator

The disadvantages of using a life insurance calculator includes

  • Inability to compute the duration of the policy
  • Inability to determine the type of cover required
  • The values computed are not absolute. They are a guide and the recommendation for any individual would depend on actual facts.
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