Insurance is one of the most preferred investment options today. Though there are several insurance policies available in the market, choosing the best among them can be quite a difficult task.
The two main areas of concern that a newbie at buying Life insurance in Kenya comes across is:
Here are some tips that can help you buy your first insurance policy:
Find the Need to Buy an Insurance Policy
Unlike other products, you are not the beneficiary of the benefits while buying an insurance policy. Especially when it is a whole life insurance, where the policy continues until the policyholder is alive.
You can buy a life insurance policy if there is someone dependent upon you, who need to be secured financially for future. If there is no such obligation, you do not need to buy an insurance policy at all.
Find the Reason behind Buying an Insurance Policy
Many people buy life insurance to save tax and earn returns. If you also feel so, there are much better investment alternatives and tax saving options available out there. Life insurance has some unique features and it would be wise to consider it a bit different from just being an investment option.
Find the Right Age of Investment
The younger you are, the cheaper a life insurance policy would cost you. However, it is essential that you consider how much you can pay as an important element while investing at a young age.
Find a reliable company
Finding a well-established insurance company is not that difficult today. You can find hundreds of insurance companies online. Moreover, you can also search for the kind of services and policies they offer. Different insurance companies have varied set of rules and regulations when it comes to filing claims for insurance.
However, reliable insurance companies Kenya would make sure the customer is aware of different aspects of the insurance policy before investing. Moreover, they would aim to deliver a hassle free claim settlement upon maturity of the policy.
Find the Right Insurance Policy
Many people are unaware about the types of life insurance policies available out there. Remember; never buy a life insurance policy just because your neighbor or relative has bought one. Always consider your needs before looking for an ideal life insurance policy.
This is because you cannot undo such a crucial decision, once made. There are basically two types of policies that can be categorized as whole and term policies. While a whole life insurance Kenya policy covers the user until he is alive, the term life insurance policy is valid for a stipulated period of time only. You can consult your requirements with the insurance agent to allow him to filter the best policy suiting your needs.
Lastly, coverage is also a crucial parameter while evaluating a life insurance policy. However, if you are not that good at determining the right amount of insurance cover you need, consulting a financial advisor or an insurer can be of great help in this situation.
The two main areas of concern that a newbie at buying Life insurance in Kenya comes across is:
- Which company to opt for?
- Which insurance policy to invest in?
Here are some tips that can help you buy your first insurance policy:
Find the Need to Buy an Insurance Policy
Unlike other products, you are not the beneficiary of the benefits while buying an insurance policy. Especially when it is a whole life insurance, where the policy continues until the policyholder is alive.
You can buy a life insurance policy if there is someone dependent upon you, who need to be secured financially for future. If there is no such obligation, you do not need to buy an insurance policy at all.
Find the Reason behind Buying an Insurance Policy
Many people buy life insurance to save tax and earn returns. If you also feel so, there are much better investment alternatives and tax saving options available out there. Life insurance has some unique features and it would be wise to consider it a bit different from just being an investment option.
Find the Right Age of Investment
The younger you are, the cheaper a life insurance policy would cost you. However, it is essential that you consider how much you can pay as an important element while investing at a young age.
Find a reliable company
Finding a well-established insurance company is not that difficult today. You can find hundreds of insurance companies online. Moreover, you can also search for the kind of services and policies they offer. Different insurance companies have varied set of rules and regulations when it comes to filing claims for insurance.
However, reliable insurance companies Kenya would make sure the customer is aware of different aspects of the insurance policy before investing. Moreover, they would aim to deliver a hassle free claim settlement upon maturity of the policy.
Find the Right Insurance Policy
Many people are unaware about the types of life insurance policies available out there. Remember; never buy a life insurance policy just because your neighbor or relative has bought one. Always consider your needs before looking for an ideal life insurance policy.
This is because you cannot undo such a crucial decision, once made. There are basically two types of policies that can be categorized as whole and term policies. While a whole life insurance Kenya policy covers the user until he is alive, the term life insurance policy is valid for a stipulated period of time only. You can consult your requirements with the insurance agent to allow him to filter the best policy suiting your needs.
Lastly, coverage is also a crucial parameter while evaluating a life insurance policy. However, if you are not that good at determining the right amount of insurance cover you need, consulting a financial advisor or an insurer can be of great help in this situation.
