How much term insurance do I need?
Ideally, your total insurance cover should be 20 times your yearly income. The insurance cover should be able to take care of the debt and all other liabilities in your absence. It is advisable to choose a cover which will help your family with a regular monthly income to lead the current lifestyle they are living and fulfill their monthly needs despite paring off all the debt and liabilities.
Is a medical check-up required before buying term insurance?
Usually, it is mandatory to get a medical check-up done before buying an insurance policy. Some insurance companies do not conduct a medical test, however, that is when the sum insured is low.
Is the policy with lowest premium the best?
The policy with lowest premium may not always be the best. Low premiums may come with some hidden costs attached to it.
Is there a difference in premium if we buy insurance directly from the insurer’s portal?
No. The premium amount does not vary if you buy insurance directly from the insurer’s portal. On the other hand, if you buy insurance from IIFL, you have an option of comparing different policies and choosing the best policy. You do not get this option of comparing policies if you buy insurance from the insurer’s portal directly.