5 things you need to know before purchasing a term life insurance plan

From the insurance brokers to the internet, you must have heard of the importance of getting Term Life insurance. Now you are convinced and are ready to get one for yourself—Not so fast. You don’t go into a business without understanding the market. Similarly, you don’t just buy a Term Life Insurance policy without knowing certain things. 

This article discusses what you should know before purchasing a Term Life Insurance policy.

Term life insurance ensures that, in the occurrence of an unexpected future event, you can make claims. So, you should make sure that you can get your claim when you need it. 

Insurance companies verify your insurability when coming on board. You should do the same. Verify the insurance company’s claim settlement history. Do your research. If they have rejected some claims in the past, find out why. Knowing their settlement history will save you time, stress, and probably regrets in the future.

Before purchasing, check how much it will cost you and how frequently you need to make this payment. Check if it’s what you can afford. Your choice of cover will be determined by your insurance needs. 

For instance, with the Leadway term life Plan, you don’t need to worry as with just N10,000 monthly, you can enjoy up to N1,000,000 in benefits.

Many people view Term Life Insurance as a policy meant for the elderly, probably because life can easily happen to them at any moment. But this is not true. Term Life insurance policy is for everyone that has at least one dependant. So, if you have at least one person depending on you, Term Life Insurance is for you.

It is advisable to buy a Term Life policy at an earlier age. Also, be sure to choose a period that goes beyond your retirement age as most of the dependents would have become financially independent by then.

You can buy a Term Life policy offline, through agents or the company. Also, you can access the websites of insurance companies and request a quote. For any method that you choose to purchase your insurance policy, be sure that they are verified to avoid getting scammed.

Yes, it is. Insurance generally protects you against future unfavorable occurrences, and the Term Life Insurance is not different. It ensures that your beneficiaries do not suffer your absence much when life happens.

At the end of any Term Life Policy, you either have the option of continuing with it or requesting a claim. 

Insurance companies only pay out Term life benefits to beneficiaries of the insured. However, you can always choose to renew your policy at the end of the term.

As much as Term Life Policy is crucial, knowing the above forehand is equally crucial to avoid mistakes while purchasing one. When it comes to Term Life Insurance, Leadway Assurance Term Life Policy stands out. It comes with flexible premium options, and the plan is valid for one year and renewable every year.