|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
A term insurance plan is an insurance policy for a fixed time period. During this period, family of the insured gets the sum assured in the insurance policy in case of the death of the person. As human life is full of uncertainties, this policy has the capability to give protection to a great extent. Besides the benefits of insurance coverage, the market in India gives such numerous policies with other benefits to help the insured person in case of extreme difficulties. QuickBima has years of experience to help those, who need guidance about “which is the best term insurance plan” to buy from the market.
There exists no doubt about the efficacy of the term insurance plan but the experts at QuickBima are only capable of telling you about the exact benefits of such plans. Their opinion could certainly guide the buyer to buy the right product in term insurance policy.
Benefits of term insurance plan
Critical illness- Sudden appearance of critical illness in the body of family head is a major concern for the entire family. When the family head dies of a particular illness, the family suffers extremely. The family of the insured in the term insurance policy gets the entitled sum in case of death of the family head in some critical disease. This helps considerably in the resettlement of the family.
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
Cheapest coverage- A term insurance policy is available with the payment of lowest premium. The premium amount in this type of policy is the cheapest in comparison to other available policies in the market. By no means, such a policy becomes a burden on the insured person's financial condition. He gets the liberty to pay the premium amount as per his capacity either quarterly, half-yearly, or annually.
Great risk management tool- If the insured has taken a housing loan and bought a house, he could take an insurance policy along with this for the same value in order to minimize the risk of his death from an unexpected cause. When he continues the payment of EMI from the loan along with premiums of his life insurance policy, the rest of the unpaid amount of the housing loan gets paid by the insurance provider, when the person dies due to any natural cause, illness or accident. QuickBima is an author on such risk management tools that go way ahead to help the person in such emergency and disaster.
Perfect assessment of needs- QuickBima has the best team, which could assess the exact needs of a person for a term insurance plan. The team of experts gives the right suggestion about the type of policy and amount of premium that a person needs to take as per financial conditions of his life.
Get add-on benefits- The market has many such companies, which give additional benefits in addition to the amount in the term insurance policy. QuickBima has the names and details of such trustworthy companies and suggests the person about the right term insurance policy to buy. The person could compare online to know about the right term insurance plan to buy from the market.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|