Buying life and health insurance can be daunting and overwhelming. A lot of times we are not sure what to look for or what questions to ask, so we end up not buying at all. So here is a quick guide on what one should consider when shopping for insurance.
Purpose. Every person values insurance differently, depending on whatever stage of life he or she is on. For someone with no dependents, he or she would need insurance for income protection in case of critical illness or accidental and permanent disability. Couples with kids would most likely value insurance more, because they want to make sure that their family’s future is financially protected, so on top of critical illness and accident coverage, they would need more life coverage to protect their children’s education. Understanding the deeper “why” when buying insurance gives us the sense of purpose that would allow you to continue keeping your policy in force.