When you reach a certain age you are going to start thinking about ensuring that your family is looked after when or if anything should happen to you. Most people can end up leaving these things too late, and as with any investment, a term plan is going to give you more when it pays out if you pay more in.


  1. Provide Correct Details

When you are setting up your term insurance plan, whether you use an online term insurance or do it in person, you need to provide the correct details.

You may have a consideration that full disclosure is going to make it hard for you to get a good policy, but what is the point in getting a good policy and then having it rejected later on because data you didn’t provide came to light?


  1. Insist on Medical Test

When you are looking at  term plan policies, the company may get you to sign a Declaration Of Good Health, but if something comes up that wasn’t covered, or you suffer an early death, this can be used to invalidate the policy.

Getting a medical test means that the doctor who tests you are responsible for finding anything that may be wrong with you, and this gives you some more protection.


  1. Reputation Is as Important as Policy Price

Finding a great deal on your policy and the payments you have to make may seem

like a wonderful thing, but if you have bought it from someone who turns out not to be reputable, then you are throwing away your money.

You need to do your research on the company that is selling you the policy and interview them as much as they interview you.


  1. Tenure of the plan needs to be right – needs to cover him into his 60s 60-65

Understanding how long your plan runs for, and what years it is going to cover is very important. You want to make sure that it covers you into your 60s, around 60-65, and that it doesn’t run out in your 50s.

Buying a term insurance plan in your 50s is going to prove expensive, and if your health is not good you may even be rejected and unable to buy a policy.


  1. When and how you pay

Paying annually has some benefits because you know exactly when you are paying it and it all gets taken care of at once.

Paying monthly means you have to make sure that it is part of your budget and you do not miss the payments – you do not want to lose what you have invested in because of a skipped month.

Also, how easily are you able to make the payments? You want to really be able to turn on the tap and leave it running, and not think about it.


  1. Do You Know What Term Insurance Is?

Do you understand what you are buying? Term insurance is a type of insurance that has no savings or investment component. It has the lowest premium and provides a death cover, but no survival benefits. The person insured has to die within the policy period for the beneficiary to receive the sum assured.



As with any investment and especially one that has a legal component, do your due diligence. There are some great policies available to meet your needs, and some great companies out there providing them, but you need to do some research to make sure you get the right one.