January 31, 2019

How do I buy a life insurance policy?

Before buying a life insurance policy it is important to evaluate your needs and goals as well as those of your family. Once you have your needs and goals, you will be able to select the type of cover that suits you.

Next, it is important to talk to an insurance agent or visit the company of your choice to find out the policies they offer and the terms and conditions for each policy.

You can choose to purchase a life insurance policy directly from a life insurance company or through an insurance agent.

Applying for a life insurance policy is a simple exercise. In summary, the process involves:

Completing a proposal form

► Paying the initial premium

► Providing the required documents like I.D card, Pin number, etc as requested by the company

► Undergoing a medical examination if necessary. There are many policies where medical reports are not required.

► The insurance company reviews the proposal and documents submitted and issues the policy document

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