How to Choose the Best Term Insurance Plan?

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How to Choose the Best Term Insurance Plan?

Term insurance plans have become extremely popular in the last few months. However, the choice of your term life insurance policy should be made good, considering the important factors like:
  • How much death benefit coverage do you need
    • This typically depends on the lifestyle characterized by annual income, dependents and liabilities.
      • Ideally, one should have a life cover of 15-20 times their annual income.
      • A married person with children should have higher life cover than a bachelor.
      • Somebody with a home loan to pay off should have higher life cover.
  • Determine the term of coverage for your plan.
    • Typically the plan should be for a term as long as one expects to have financial dependents.
  • Consider the factor of inflation in paying premiums and coverage benefits.


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