Keep an eye on these issues when comparing & choosing the ideal Termlife Insurance Plan1. Company standing & Reliability - Give weightage to a company's reputation and the trust it enjoys in the public eye.
2. Are the costs genuinely low? - Prefer term plans with a lower cost as it will get reflected in the premium you will be shelling out. And yes, a company that offers incentives to non-smokers is recommended!
3. Transparency - Look with a sharp eye at the extras and other hidden costs.
4. Enhanced Cover - This is a highly recommended option that will boost coverage at critical times. Again give extra marks for this benefit.
5. Claim settlement ratio - An important criterion in the overall evaluation of an insurer's trust-worthiness. It refers to the number of settlements per 100 claims. A high settlement ratio is a good indicator of an insurer's overall business approach and responsiveness.
6. Solvency ratio - In simple terms, does the would-be insurer have the financial capacity to settle claims without hitting the red. So it's basically a sign of financial strength.