Don’t miss on these things before your buy your term insurance
(1) What ever is your annual income, you need x15 worth of Sum Assured (Insurance)
(2) Your income keeps increasing each year and hence at some point your sum assured will not be 15X your salary and hence keep topping up your insurance every 5 years
(3) You need insurance only upto your age of 60 and hence don’t take insurance upto 70, 80, 100 and pay higher premiums
(4) If you are 30 and need insurance upto 60, take a policy where you pay insurance premium every year for the next 30 years. There are multiple options like paying it off in 5 years or return of premium if you don’t die etc., you don’t need a on of these. If you policy is for 30 years, take an option to pay premium for 30 years
(5) Declare your correct age, if you smoke or drink, your medical history everything while buying the insurance.
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