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Don’t forget these steps AFTER you buy Life Insurance!!

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Completion Cal and every year on April, Fool’s Day I pay my term life insurance premium and I did so yesterday and this was the tenth payment. So my cover was started on April 1st 2010 and yesterday was my tenth payment. I have a Amulya Jeevan LIC policy at that time. Well, first of all, I have a deep mistrust of private insurers, whether they are life or health and at that time anyway, there was only there’s. Not much of online plays except really here, and I don’t trip about the premium, the high premium of Aleksey and so on. So I paid it at that time. My premium was loaded for obesity and blood pressure, and at that time my premium was practically equal to my take-home pay amongst take-home pay was equal to my premium. The thing I wanted to tell you is that there are many things that you should do after you buy the term insurance policy, but before that I want to you, then I got that premium in my hand, that’s what not premium policy document in here. I got the policy document man I felt like I have provided for my family, although my network at that time was practically 0 or less than 0, because my tected not completely gone, oh, but I felt like I’ve done something that feeling I did not have after Then my network grew in the returns came and I started investing when I hit financial independence that, during all those junk shows during all those milestones. I never got that feeling when I have in it when I got that policy document. Of course, the first thing is: it’s not important that you hold the policy document, your nominees, your spouse, your parents, whoever will benefit from the policy should know they are the policy document. Is they should know? How much is their sum assured? What is the nature of the policy and what is the percentage share in the nomination? Any things have happened then, after that, after the time I got my policy at that time in 2010. In my Institute those know, group life insurance, of course, and there is always a bad incident. Then the there is a action taken, our young faculty member tied with leaving nothing behind in terms of assets to the family, and then they realize the importance of group life cover. They also got a health cover, along with that gradually the group life cover some assured as increased and today that my term cover value is equal to my group core value, so it’s like 2x benefits for my family. One thing that has happened is that we always say that you need to buy term insurance only when you only as long as you need, and today I can let go of that money, because when my networks are grown-up, we’ll talk about that. But the point is that, because of inflation and because of increase in salary uh, my premium paying ability has grown many fold at that time. Like I said my my premium of my monthly take on paid, my annual premium was never actually take on pay, but today it’s it’s not smaller. Therefore, today I that’s nothing. I can afford it so what it’s little bit extra. So what’s let it go. I don’t care, let it run. I mean it’s, it runs until until my retirement, but it’s such a small amount, that I don’t care anymore. So that’s how it should be. You know so your income should grow and your explainer should not grow as much so that your premium look small yeah. So the first thing I want to say is make sure your your the nominees and the people who benefit from it know where the policy is. What other terms and conditions etc? Please maintain a health record because at that, when you buy, you may not have any issues in your health. Many people between 25 to 35 by town cover today and after you buy. You may have diabetes issues. You may have heart problems, and so on. Please maintain a health economist. Have a clear record saying I was detected that the doctor should have a should have a letter saying detected diabetes or heart issues or whatever issue, whatever anything, because ma on such-and-such a table. That date should be obviously after you, your policy was started. You don’t need to inform the each other about all this, but you should have it in your record. Put those things along with your nomination. Sorry, along with your policy papers, because in case of a claim – and they have they make issues because of you say this person had has diabetes. Maybe he had diabetes before the policy started and so on then your nominees will have problems. Then they can easily go and tell the insurer look. This is the date of inception of the disease and the date is after the policy started. So there’s no issue, so please maintain a health record and also maintain your health. Please get healthy, I mean if I had. If I was this this Lane, when I got the policy my part, my car would be much less, but unfortunately I was quite obvious at that time. You know to be pretty rotten, so please work on your health and don’t start bad habits. The problem is, many, people get dumb cover very young and they may switch jobs and in certain jobs there is a culture of drinking socially and there was a culture of smoking. So she and the occasional drinking is okay, but sometimes you never know you can take to it. So you can start drinking or smoking after you take the cover. Please don’t do stupid things like that. That will cause problems, not only you to your health, obviously, but also at the time at the time of claim – and please don’t say after three years they will. Nobody can reject the policy, nobody can detect the claim and so on. That’S just nonsense. Insurers can delay the claim for any amount of time for any reason, and there you’re normally. Maybe the one suffering please recognize payment delayed is payment denied, just as the same with justice. So don’t say there is this section that section in IRDA nobody will come and protect you, they will simply say: please provide evidence or they will say there is some deleted with prejudice or something like that. That’S it you will have to fight. Your nominee will have to fight, you won’t be there. So don’t say there is this rule that rule don’t park rules rules will never help you in reality. I will talk about my. I will talk about reality when I talk up and I discuss my mother’s health insurance cover. You’Ll know it’s time. Claims will take time. So don’t talk rules, don’t you can’t rely on them. Please please. Please start investing and increase your net worth. Your first milestone should be your liquid network should be equal to your term cover. The second milestone should be your equity exposure. Your equity asset allocation should be equal to your term card. By luck, crazy god, I have been able to achieve both. Those milestones cross go. Be beyond them, you know a reasonably short time, but you can give yourself 10 to 15 years time in in 15 years. Your liquid net worth should be equal. Suppose you have a 1 crore. Let’S say many people have a one cover cover, so you give yourself 15 years to become a corrode, but the network should become liquid net worth total. Fixed income plus equity should be one CRO in 10 to 15 years. Then, after a few more years, your equity should be equal to one crop, so your future income will be. Will you be separate? Keep that as milestones work towards it. Many people say how will buying fix it. The life cover help with combating inflation. You compact inflation, not by buying additional life covers, but by buying, but by investing right. Of course, if you, if, if your circumstances change suppose you got term life in cover before you got married after you got married, you wanted one child, but you got two or maybe you got three because you went to a fertility clinic, then you have to buy Additional cover, all those things are different. That is a change in circumstances but for the same circumstances to beat inflation. You have to invest rate. So please work towards investing your are increasing your networks match today, I’m making a lot of mistakes. I don’t know why. Three. Second, nice, their payment will be dinner, MDP DJed not denied it need not be denied, but have to be delayed, admit they should answer back within two weeks. I think, but it may take a month. They will send you a letter asking for more documentation or clarification. Then you have to send it back, then it will take out the two V’s one more letter, two more weeks it just keep going like this, two or three months will go away. Please recognize whether it is health, insurance or life insurance. The moment there is a clay, don’t imagine immediately. Somebody will come from the insurance company, knock on your door, put the money on you on a nice plate and give it to your nominee. That’S not all things work. That is not how the world works. It will take a couple of months. I should assume that the claim will be paid only after three to six months, so your your family should be able to manage their day-to-day expenses during that time. So bility your emergency fund build your emergency fund, keep contributing five to ten percent of your salary to the dimension C fund every month, whether you take a regular, whether you use the fund of month just keep doing that. So those are things that you need to do after you take a life insurance policy. Your job does not get, or when you get that policy document in fact yo-your you, the steps you need to take to protect your family have just started and you’ve just taken. The first step by buying Tom, let’s go so that’s what I wan na say in this video. Thank you for watching catch you again on the video quick announcement. I have uploaded, or rather posted the this month April 2019 freakin cavity screener. I will make a video on that tomorrow, but you can use the link in the description and get it so. Thank you. Bye, bye,

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