Life insurance is a contract where the insurer accepts the responsibility of paying the insured scholarship or a certain amount at the end of the specified year or at the end of the specified years, on payment of one-time money or fixed-term installments. Life insurance is not actually for your own financial benefit. Instead, the main purpose of life insurance is to provide financial support to the dependents in the event of the insurer.
There are differences in the cost of life insurance policies as well as differences in cost. However, there are some strategies to buy insurance policies and premium costs can be further reduced by buying the policy at the appropriate time. Here are some tips for readers of InsuranceBD, especially for those who want to insure –
Basically the cost of buying a life insurance policy or the amount of premium depends on several factors. Such as your age, physical condition, nature of work, type of policy selected, sum insured, policy term, premium payment term, riders or additional benefits, etc.
In this case, as insurance analysts say, the cost of a policy may be lower if you purchase insurance at a young or early age, when the risk is low. That means you should insure yourself if you are dependent on your income. This will lower the premium cost of the insurance.
It is important to remember that it is not too late to buy an insurance policy. This is because with the increase of age the premium rate also increases. If you are 5 years old and do not have insurance, you can opt for insurance products that will benefit your family and provide you with income during your retirement period.
Offer a premium, not monthly, but on a yearly basis. Then you can get a good discount. Of course, for most of us this means accumulating all year round. You can find out from the insurance company how much money you can save a year by paying premiums.
Insure yourself for a long time. Because, as you get older, the amount of physical weakness or risk begins to increase. This also increases the cost of insurance. That means, at a young age, it will not be possible to buy insurance at such a small cost. So it is better to insure a long term insurance than to insure for a short period of time. It costs less.
One of the best ways to get cheap life insurance is to try to stop smoking. Smokers often pay twice as much premium as non-smokers. And it has to pay mainly because of the associated health risks. So if you want to reduce insurance premium costs, stop smoking today. Live a healthy life.
Life insurance is a contract whereby the contracting party pays a certain amount of premium and the other party pays the sum insured as compensation in the event of death or death. Companies offer different types of services, depending on the insurer’s needs. The insurer reserves the right to receive service under the contract. It is the responsibility of the insurance companies to service the client under contract
Life insurance is not a product in general. Often misconceptions are found among the general public about life insurance, such as:
1. No need to purchase my life insurance policy: That is not true. The main truth of life is death. The family that lives on the whole family, on the premature death of the man, the family falls into uncertainty, wants to stop the wheel of life. In many cases, the daily life of the child becomes difficult due to various problems including education, treatment, marriage. In the case of life insurance, the insurer employs one or more nominees, so that if he / she dies within the specified period, the nominee can be provided with the default insurance score. Therefore, buying a life insurance card may not meet the shortage of the person, but it is possible to overcome some of the financial problems.
2. Insurance companies pay less than the bank: When the money is deposited in the bank by FDR or any other name without purchasing the insurance policy, the bank returns the deposited money and a certain amount of interest to the account holder or his nominee. But life does not take any risks. It is not always fair to compare life insurance policies with bank profits. Because the two purposes are different. The bank only takes care of the deposit money, while the life insurance company deals with the financial risk-related issues of the receiver.