Are you thinking about buying Life Insurance?
Here are the four steps which would help you in the process and avoid mistakes .
1. Make sure you have a need for life insurance . Many people buy life insurance for all the wrong reasons . Don’t buy it just because somebody took up an agency with an insurance company or only with the intention of saving on taxes .
2. Once you know that you have an insurance need , now try to quantify that need . You can do this using your own method to find out needs of your family or using your human life value.
3. Fix up a budget to buy life insurance . This is an important step because you need to find resources to fund your life insurance policy amidst your regular income and expenses .
4. Now look out for an appropriate policy which fits your needs, budget, circumstances and comfort of your mind. You need not buy what is a trending fashion , or being offered to you. You can always look for a policy that suits you the most. Term Insurance , Whole of Life insurance , Ulips , reducing term insurance etc are the policies that you can look at .
NRI Money Clinic is a youtube channel created by Dr. Chandrakantha Bhat , an investment consultant and financial planner in Dubai . It aims to spread financial literacy and educate on money matters for resident and non resident Indians . The channel discusses subjects like Fixed Deposits , Taxation , Mutual Funds , Insurance , Specific Issues pertaining to NRI community and every other investment opportunity.
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Links to my previous videos
Role of a Financial Planner: https://www.youtube.com/watch?v=KZPnnn3NqyM
What is the meaning of money? : https://youtu.be/AAxQ4ywScos
6 steps to generate good returns on your investments – https://youtu.be/AAxQ4ywScos
Why you should watch this channel – https://youtu.be/rgsHfw41W_8
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