SIt is very important to purchase life insurance if you have any financially dependent family members. For example, your spouse or dependent children necessarily require financial protection.

But, even if you are someone’s exspouse, sibling of a dependent adult, a child of dependent parents, an employer, an employee, or a business partner may need to purchase insurance. On the other hand, if you are stably retired or financially independent, and your absence won’t cause financial hardship for anybody, you don’t need life insurance. However, you can use life insurance as an effective financial tool.

Choices available for life insurance

Among the various choices available for life insurance, we can broadly categorize life insurance into Term Insurance and Permanent Insurance. While on the one hand, a Term Life plan offers protection with minimum expenses but limited features, a Universal Life plan provides the most comprehensive coverage and features by investing more payment in the premiums. In term life insurance, the policy premium is based upon the probability that the insured will die within a stated term, typically 10, 20, or 30 years. The premiums are guaranteed during the opted term, after which they can escalate. But, in permanent life insurance, the premiums are guaranteed for life. Permanent life insurance offers cash buildup within the policy.

Consult an advisor in- person if you plan to purchase life insurance

Through online tools or a phone call, a Punjab Insurance agent can help provide you with the initial assistance in gaining a general idea about the financial requirements (premiums) of a life insurance policy. But to gain a deeper insight into what you are purchasing it’s always better to consult an expert insurance agent. Since a certified agent is well aware of the related procedures for application and underwriting and has a better understanding of various insurance carriers offering insurance. They will help you choose the best option available at affordable rates keeping in mind your health.

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Sandeep Ahuja