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Q-1 WHY DO I NEED LIFE INSURANCE?
ANS-Life insurance provides financial security to you and your loved ones in case of an unfortunate event or inability to earn due to physical disabilities. In addition to safeguarding your family’s future, some type of life insurance plans also helps you achieve your dreams. life insurance plans help you accumulate a kitty for your golden years, make systematic savings, fund your child’s education, save tax and much more.
Q-2 MHOW MUCH OF A LIFE INSURANCE DO I NEED ?
ANS-
A -How much of the family income do I provide ?
B-If I were to die, how would my survivors, especially my children, get by?
C-Does anyone else depends on me financially, such as a parent, grandparent, brother or sister?
D-Do I have children for whom I would like to set aside money to finish their education in the event of my death?
E-How will my family pay final expenses and repay debts after my death?
F-Do I have family members or organizations to whom I would like to leave money?
G-Will there be estate taxes to pay after my death?
H-How will inflation affect future needs?
Q-3 WHAT ARE THE TIPS TO BUY AN IDEAL LIFE INSURANCE POLICY?
ANS-
a-Make sure you feel confident in the insurance agent and company.
b-Decide how much you need, for how long, and what you can afford to pay.
c-Learn what kinds of policies will provide what you need and pick the one that is best for you.
d-Do not sign an application until you review it carefully to be sure the answers are complete and accurate.
e-Do not buy life insurance unless you intend to stick with your plan. It may be very costly if you quit during the early years of the policy.
f-When you buy a policy, make the check payable to the company, not the agent.
Q-4 Who can take out a policy in my life?
ANS-Only someone who has an “insurable interest” can purchase an insurance policy on your life. That means a stranger cannot buy a policy to ensure your life. Now the question here is what is insurable interest?
People with an insurable interest generally include members of your immediate family. In some circumstances, your employer or business partner might also have an insurable interest.
Insurable interest may also be proper for institutions or people who become your major creditors.
GROUP INSURANCE FAQ’S
Q-1 WHO IS ELIGIBLE FOR GROUP TERM LIFE INSURANCE
ANS- The following entities can take group life insurance cover:
Q-2 WHO PAYS THE PREMIUM AMOUNT ?
ANS- IN MOST CASES , THE PREMIUM amount is paid by the employer . At the same, time the scheme can also be contributory , wherein the employee may also contribute the amount .
Q-3 WHY DO PREMIUM RATES VARY EVERY YEAR ?
ANS -The premium rate of group life term insurance is subject to change and is largely determined by size, aggregate sum assured, claim experience in previous year and the age of the members of the group.
Q-4 CAN NEW MEMBER ADDED DURING THE YEAR ?
ANS- Yes, new members can be added during the course of the year. Similarly, member who are no longer a part of the group can be deleted from the group.
Q-5 WHAT SHOULD BE THE MINIMUM AGE OF THE MEMBER OF A GROUP TERM INSURANCE SCHEME ?
ANS- THE MINIMUM AGE TO ENROLL IN TO GROUP LIFE INSURANCE IS 18 YEARS .
Q-6 WHAT SHOULD BE THE MAXIMUM AGE OF THE MEMBER OF A GROUP TERM INSURANCE scheme ?
ans- The upper limit in group term life insurance policy is decided based on the retirement age of the particular group. Generally the retirement age is considered to be 60 but can go upto 70 years.
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