How To Choose The Best Term Insurance Policy For Your Family?
You only buy term insurance once (maximum twice) in your entire life. And it is going to impact the quality of life your family will enjoy when you’re not around anymore. As a long-term commitment that provides an income replacement to your family in your absence, as well as funds their big dreams and life goals - it is a super important decision to make. (No pressure… :P)
As a result - it can become challenging to pick a policy and an insurer based only on ‘popularity’ or ‘brand value’ as you seek a partner for your family, who’ll support them when they need it most.
In our experience, there are 3 main factors that can tell if a term insurance plan for family is good or not. And in this article, we’ll discuss these three aspects - and an easy way for you to assess, compare and identify the best term insurance plan in the market for your family - based on these insights.
The best term insurance policy is essentially the one that perfectly fits your needs and your family's preferences. Term insurance allows a lot of customization options so that you can buy a policy that is perfectly tailored to your family’s needs.
You can choose how frequently you want to pay your premiums. Then, depending on your nominees’ financial aptitude, you can select from among the multiple claim payout options. If you want your policy to upgrade automatically, there’s a feature available for that as well. So, after taking into consideration your current financial situation and financial responsibilities, you can customize your term policy and then buy the policy from an insurance company that offers all the features and benefits.
2️⃣ Customer service
Things such as the cost of the policy, premium payment options, claim payout options, etc. probably make up the majority of your insurance purchase-related decision. And many times, the customer service of the insurance company is completely overlooked.
You might have queries after you purchase the policy or want to make changes, add/ remove features - for which, you’ll have to contact the insurance company’s customer service. During the claim settlement process too, if anything goes wrong, you won’t be there with your family to make things right. Your family will have to get in touch with the company’s customer service so that the claim is settled quickly.
In such cases, the last thing you would want for you or your family is to deal with an uninterested customer service representative who just keeps on transferring the call from one department to another. So, you should always factor in customer service and buy from a company that offers the best services, even if it means spending a little extra money!
3️⃣ Claims experience
Remember, your family will have to go through the whole claim settlement process, not you. So, the quality of claims experience is super important because it will tell you how smoothly and quickly your family’s claim will be settled.
Today, most insurance companies often use technicalities to escape claims, make the family go through a complex documentation process, and sometimes, even deny legitimate claims. Hence, to ensure that your family gets the claims payout quickly without any difficulty, you should buy a policy from a company that has a history of good claims experience.
Just like you would compare fares before buying a plane ticket, you should scan and compare and pick a term insurance plan for your family that perfectly fits their preferences. But, comparing insurance plans online can get complicated because - a lot of technical terms are used, and sometimes, the comparisons might be biased and misleading.
To help you make a well-informed purchase decision for your family, we recently launched Beshak⭐Ratings - a simple, unbiased, and data-backed solution that will allow you to objectively compare term insurance policies on the basis of factors like claims experience, customer service, and product benefits.
You can also check out Beshak TruMatch - the first-ever term insurance recommendation engine that will -
- Scientifically calculate how much cover is right for your family.
- Suggest which features you should pick, which you should not.
- Recommend the best term insurance policy for family’s needs.
- Tell you the insurance company’s latest claim track record.
All this - in less than 5 minutes!
Got a question related to family term insurance plans?
Post it on the Beshak Insurance Forum and get answers from vetted experts!
- Term insurance allows you multiple customization options so that you can design a policy that perfectly fits your and your family’s requirements.
- An insurance company that provides poor customer service could make your policy completely worthless and ruin the experience you have.
- The quality of claims experience will decide how quickly and smoothly your family receives the claim amount. So, you should make the purchase after doing a proper comparison and research about the company.
- You can compare term plans based on customer services, claims experience, and product benefits on Beshak⭐Ratings.
- You can also check out Beshak TruMatch - a term insurance recommendation engine that will suggest the appropriate cover amount for your family, which features you must pick, which you shouldn’t, and recommend term plans based on all this.
Aakansha is a Content Ideator and Writer at Beshak. With her easy-to-understand content, she makes insurance simple for everyone. She comes with a strong background in finance and commerce and wants to help families make positive insurance decisions that are good for a lifetime.