How to Choose Best Life Insurance

Life insurance policies are most probably the most important type of policies you will buy. The policy provides your dependents a sum of money in the event of your unfortunate death, thereby, securing their future. You should pick life insurance with great caution to ensure the welfare of your family. Asking yourself the following questions can help you with your decision:

• Financial safety: Are you looking for long-term security for you and your family? Insurance policies for life cover you for years to come and give you tight-knit security for potential events.
• Wealth building: The most important aspect of wealth building is the longevity of the policy. The more time you give for money to grow, the more it almost always grows. TERM insurance policy is one good option to think about because with low premium amounts, you will get high coverage for your family.
• Tax exemption: Investments made with a life insurance policy make you eligible for a deduction of up to Rs. 1.5 lakhs in a financial year under section 80C. The funds you withdraw from the policy after the lock-in period and maturity value received from life insurance plans are also tax-free.

What prevents you from getting life insurance?

1. health problems are the most common reason for policy declines. There are many variables that have to be considered, type if illness , severity , length of condition and history of its management.
2. Profession , many jobs are considered too risky for insurance companies and they dont qualify. Ex firefighter, longshoreman and coal miners just to name a few
3. personal history , if you have been incarcerated you likely won't be able to buy life insurance or if you have a history of drug abuse
4. Financially insolvent , if you cant pay for it that also will exclude you

What is the best way to get life insurance?

Originally Answered: What is the process of obtaining life insurance?

You apply with the agent or carrier of choice and make the first payment. You may have to get a physical as part of the process. If you're disqualified, you get your first payment back.

What are the benefits of taking life insurance?

Life insurance is a contract between you and an insurance company. Essentially, in exchange for your premium payments, the insurance company will pay a lump sum known as a death benefit to your beneficiaries after your death. Your beneficiaries can use the money for whatever purpose they choose. There are various benefits of having a life insurance cover.

1. Financial security
2. Wealth creation
3. Tax savings
4. Buy young, save more
5. Coverage for chronic and terminal illnesses
6. Death benefit
7. Return on investment
8. Loan option
9. Life stage planning

Term Life Insurance policies guarantee a monetary benefit upon the death of the insured person during a specified time. 

Source :- Quora