1. Assess your life insurance goals Goals may vary from person to person. You must plan for your life insurance goals with the help of a suitable life insurance policy.
2. Calculate the optimal insurance cover that you need Many financial advisers suggest that your life insurance cover should be at least ten to fifteen times of your annual income.
4. Select the correct policy term The term of the policy should ideally be the number of years your family will be financially dependent on you.
6. Do not conceal facts from your life insurance provider If you consume tobacco or alcohol, or work in a hazardous industry, inform your life insurer about these details.
8. Buy life insurance at an early age Life insurance premiums are lower when you are younger. Thus, you can save on the cost of your premium if you buy your life insurance policy as soon as you start earning.