Are you thinking of buying a term life insurance plan? Before taking any decision, first, know-how beneficial an insurance plan will be for you and your family. According to a recent survey, most people buy term life insurance plans to save tax and death benefits. There is no doubt that term life insurance is a better way to save tax and it also protects the future of your family. Term life insurance takes care of your family after you leave. It provides financial help to your family in difficult times. It is important for all of us to understand that life insurance is a bond of trust.
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Before you know about or buy a term plan, it is very important to understand what you really want from the policy. Remember, life insurance is an important financial product, so you will not want to make any mistake while deciding. To help you, some important tips are here that you should keep in mind while buying term life insurance.
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How much amount of term life insurance do I need? This is a question faced by every person who thinks about buying a term life insurance policy. There is a basic rule for this, the death benefit of your policy should be 7 to 15-20 times of your annual salary. Like any other fundamental rule, it is not always perfect. It is important here that you must ask the insurance company what things will be taken into consideration to consider your sum assured. Never trust everything told by the insurance company. Make sure that the company is giving you the right logic or not. There is also another way to find out how many assurances you need. Think about how much income you want in your absence to care for your spouse or family.
