Should the lowest premium decide which life insurance cover you buy?
Financial planning is not complete without adequate life insurance, most of us would agree. And term insurance at that — particularly if you are earning and have dependents — for it is the most cost-effective option available in the market.
But even the cost of a term cover commensurate with your age and risk profile varies from company to company.
So, should you buy a cover from the company that charges you the least premium for the amount of cover you wish to take?
Article continues: http://www.dnaindia.com/money/comment_should-the-lowest-premium-decide-which-life-insurance-cover-you-buy_1461878
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My answer? Yes and no, obviously the cheaper the premium the less likely you are to be covered for everything or for a decent amount. Though the case could easily be made that you don’t need to be loaded with extras that will never be needed or don’t apply to you. It’s always best to speak to an independent financial adviser first before approaching the life insurance brokerage direct, as you won’t get impartial advice from them of course.
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