Are you looking for ways to sustain your finances long into the future? Then having a life insurance policy is vital. However, settling for the first policy that comes your way is like shooting yourself in the foot. Knowing what features to look out for can help you find a cover that is tailor-made to meet your needs. Here are important features to compare to help you find the right fit.
Knowing what features to look out for can help you find a cover that is tailor-made to meet your needs. Here are important features to compare to help you find the right fit.
Will the amount you are insured for cover your loved one’s expenses?
Having a life insurance policy set in place is only winning half of the battle. It is important to find a cover that will adequately cover your loved one’s current lifestyle and the expenses that come with it. Knowing how much life insurance you need can ensure that your loved ones are financially protected even when you are no longer around to do so yourself. You can look at the cost you are currently spending on your car, home, entertainment, groceries and the paying off debt to see how much you need.
What does it cover you for?
This might seem like a straight forward thing, but a recent study revealed that not many South Africans new what they were covered for. Knowing what you are and not covered for is usually discussed with you by a call centre agent, but it also helps to refer to the documents that are sent to you once you have signed up for a life insurance policy. Check if the cover for:
The cost of your life insurance premiums
At the end of the day, you want to know if you will be able to afford your life insurance in the long run. Therefore, checking the premiums can make your cover stay active without delaying or cancelling the process altogether. You can also include the cost of your premiums within your budget to ensure that you will be able to meet your premiums every month.
At the end of the day, you would be better with an insurer who understands your needs. Someone who will be able to carefully take you through the process of finding the right cover matches your budget and your needs.