To maximize the value of life insurance , you need to know how to choose the right insurance plan. So what are the key criteria to choose the best life insurance package today?
Buying the best product is the desire of anyone, regardless of the amount of money spent. With a normal product, there will be enough clear specifications and prices to judge the quality. But with life insurance, it is completely different because the value and value of insurance products are not generally quantified, but depend on each insurance contract designed specifically for each specific object.
And the best life insurance product is the one that meets the needs and conditions of the customer at that time. Thus, it is not impossible, but there are still basic criteria to choose the best and most reputable life insurance today.
3 key criteria to choose the best life insurance package today:
1. Insurance benefits meet the needs of customers
Participating in life insurance ultimately just wants financial backup for the future, but doesn’t want to use it. But life is full of unexpected uncertainties and at such times you expect to receive enough benefits at the right time. Therefore, analyzing your needs and understanding the benefits of each main insurance product as well as an additional product is a prerequisite to help you choose the best insurance package for you.
Normally, a main life insurance product will have 4 benefits including hospitalization benefit, critical illness benefit, death benefit, maturity benefit. In addition, with each specific product, there will be other benefits, for example, insurance products for children will favor education benefits, retirement products will favor retirement benefits, investment-linked insurance products Investment will both protect and invest for profit…And each main product will be joined with additional products to increase or protect you more for example, more comprehensive health care products, products. accident insurance products, premium free insurance…
So it is important that you want to provide financial protection for what risks in life and which risks do you focus on the most, what purposes do you want to accumulate for in the future, you want to protect those on the top. a contract or how many diseases you want to be protected…
The same insurance product but for each subject with different needs will be designed a different contract. So the more you share your needs in detail, the easier it will be for the consultant to design an insurance package with the closest benefits, which is the best product for you.
2. The premium rate is suitable for personal or family financial conditions at that time
A good life insurance product is not necessarily a product with high premiums and great benefits, but first of all, it must be a product that can be maintained for a long time to ensure long-term protection for health and body. and life in the face of unexpected risks. If you join with too high a fee, the next payment periods are difficult to guarantee, so the possibility of contract cancellation is very large. When participating with a low fee, life insurance cannot promote the best financial support.
Thus, in order for the insurance contract not to be canceled, the premium must be appropriate to your current financial condition. The most perfect premium is about 10-15% of the person’s total income. And should increase according to your positive financial situation in the future to always meet the need for larger financial provisions.
Because of the flexibility of life insurance, you can join any premium, from 8 million/year, 15 million/year or even 30 million or 50 million/year because it is not advisable to join a contract with a high level of income. outrageous fees.
3. The contract term and the number of years of premium payment are sufficient
Just paying attention to benefits and fees is not enough, a good insurance package also needs many other factors, including the terms of the contract term and the number of years of premium payment. One of the best things about life insurance is its immediacy, which means that when you are unlucky enough to take a risk or need a large amount of money to accomplish your goal, the insurance is there at that moment and helps. Much of the financial burden gets you through.
To promote and do this well, the life insurance package must have a contract term and a sufficient number of years of premium payment. Especially the insurance packages for children with the goal of accumulating educational funds when they go to university, study abroad or packages with the goal of accumulating for retirement plans need to be at the right age to promote them all. the value of the insurance.
Through this, you must have understood that the most important thing when choosing the best life insurance product is understanding your needs, goals and financial conditions.