Friday, August 16, 2013

Whole Life Insurance Policies

Whole life insurance policies safety as a way of life is still at the beginning of the curve for most Indians. Insuring oneself and the loved ones is only coming into focus as awareness levels increase and offerings from service providers start to make sense to them.

Sadly, the approach to life insurance policies in India is largely riddled with ignorance, misinformation and ill-advice by those in charge of guiding those in need of assistance. This has led to a situation where avoidance is rife due to needlessly complicated procedures or because of the misguided notion of being invincible. 

It is said that apart from motor insurance, it is the life insurance policy that features strongly in the mind-set of the people here. But even then, the heart demands more out here, for the people of this country love to drive a hard bargain. 

However, the two commonly asked questions that are asked at such moments happen to be over the premium to be paid and the coverage that is required. Depending upon the answer to these questions, one can then decide upon the type of policy they ought to buy.  

A rough estimate according to various experts in the industry puts the coverage amount at approximately ten times the salary that they have drawn in the previous year. Many balk at this seemingly large amount, but they soon mellow down when they start to see the merits in it. The cost of living isn't getting any cheaper, add to it the rising inflation rates and the aspirations for a better life-style and things soon start to become a lot more clearer.

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