1. You’re immortal
2. You’re not particularly fond of your family
3. You’re 100% sure you will be rich
4. Your life has always gone as planned

For the rest of us mere mortals who believe that life can change in a heartbeat (for better or worse), thereby impacting us and our loved ones, then this read could help.



You already consider life insurance an important part of your life, which is a great first step. For the next step, it’s important that you make the right decision on the insurance product you purchase. There are a lot of instances I’ve come across during my career, where people struggle and end up so confused that they ultimately make the wrong choices.

The few pointers I’ve stated below will hopefully help you arrive at the right decision:


1. Identify Your Need First, Then Search for a Solution


If you don’t know what purpose your insurance is supposed to serve, there is no way you’re ever going to find the right solution. Buying ‘life insurance’ is a crucial decision and you should involve your entire family during the decision-making process.

Collectively decide whether your insurance need is

(i) protecting the standard of living of your family

(ii) Cover your child/children’s education & marriage expenses

(iii) Cover your retirement

(iv) some or all the above

Once you’ve identified your need, then proactively search for solutions that would help you fulfil those requirements.

Given inflation, don’t forget to keep reviewing your policy to make sure that the coverage continues to meet your monetary needs in the future as well.


2. Solutions Are Plenty – Research, Research, Research!


Insurance can be complicated but in the era of the internet, the more you read, enquire, investigate – the more likely you are to have a holistic view of your options.

In the current scenario, 12% of policy purchase decisions are already digitally influenced for life insurance and it is estimated that by 2020, 3 in every 4 insurance policies would be influenced by digital channels during either pre-purchase, purchase, or renewal stage*.

This means that companies will continually be required to be as transparent and competitive about their products, giving you – the end customer an advantageous position from a ‘choice’ perspective.

You can shortlist the top 3 policies you think would work best and then review your options with your trusted financial adviser. They can help you determine the most sensible investment given their domain expertise.


3. Know the supporting features & benefits of the product


Always take time to understand the supporting features and benefits of your plan.

American businessman & one of the most prolific salespeople in history, Ben Feldman once famously said, “Don’t sell life insurance. Sell what insurance can do”– and the right features and benefits of your insurance plan will help you go a long way.

The flexibility and product specifications could help you customize your plan so that it is better suited to your needs – keep an eye out for them.

Adding a rider may help you add that much-needed zing to your policy but evaluate the need for each specific rider rather than opting for them merely because of low premium.


4. Know the procedure to claim your policy


Making a claim and getting the insurance money is an important part of life insurance. I suspect we don’t love talking about life insurance because we don’t like talking about death. But open and honest discussions can be surprisingly helpful in tough times.

While people invest time in finding the right policy, many forget to educate their families on how to claim on death. This is important to know because it helps alleviate the helplessness of a family member during a sudden demise.

In conclusion, I would like to say that while life is priceless, insurance is affordable. Insurance is a safety net for when life throws you curve balls but expects you to still give your best shot.

So, reduce uncertainties for yourself and your loved ones by improving your financial resources. To do this, it is imperative that the right decisions lead you to choose the right insurance product.


*Source: BCG – Insurance Digital 20X by 2020_16