Need for Life Insurance Policy

Why do I need a Life Insurance Policy?
Everyone will ask this question before buying a Life Insurance. The answer is also very basic. Insurance is an integral part of our lives and primarily assists the intention to financially ensure the lives of our dependants after our death. With increasing uncertainty it has become imperative for people to invest in life insurance policies.
In simple terms insurance is a policy that individuals buy from a company that basically offers protection and of course financial stableness after the dying of the policy possessor. There are numerous companies offering various policies which are completely dependant on your needs (that is what kind of insurance policy you will require).
The few types of policies available are -
1. Term life insurance policy,
2. Whole life insurance,
3. Endowment Policy
4. Unit linked insurance policy etc.
Depending on your financial plans and demands you can select the one that fits you the best. Depending on how much of coverage you like to provide to your dear ones after your dying, you can decide which insurance policy you would like to go for.
Now which ever policy you choose, the monthly premium of the insurance policy always depends on the basics like the age, sum insured and also the medical history. Those with the ‘impaired risk’- the people who have critical health problem face difficulty in getting a suitable insurance policy for themselves and that, which will insure all their needs. The face amount or the sum that is insured and the total tenure of the policy decide the value of the life insurance policy.
At the time of purchasing the insurance policy, you will need to submit all-important papers supporting your application process and everything will be on pen and paper. You may even have to go through a thorough medical examination depending on the sum you are insuring.
But this does not mean that even if you know which plan is ideal for you, you just go and buy it. It is recommended that you do proper research online and compare various deals online. Then you can always equate the prices and decide best plan to suit your purpose and demands. Also, before signing on the policy, always ask your agent to make everything clear, including the lawful conditions, as the policy is a legal document.