5 things to do before you buy life insurance

 


A life insurance plan covers you against death, terminal illness, and total permanent disability. You can either buy term insurance that covers you for a fixed period or opt for whole life insurance that covers you for the entirety of your life span.

Now, buying life insurance can sometimes be confusing. This is true especially if you are buying coverage for the first time. Having the right information on hand can ensure that you make the right decision when it comes to buying life insurance. To help you out in this regard, we have listed down 5 things to do before you buy life insurance.

  • Calculate how much existing debt you have

If something unfortunate happens to you, your existing loans and debt will probably fall on the shoulders of your loved ones. They may not have the finances to afford them. Therefore, your life insurance payout should ideally cover all your existing debt. Take into consideration any loans you have including your mortgage, car loan, study loan and even credit card debt.


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