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The Ultimate Guide On Buying Your First Life Insurance Plan

Buying your first life insurance plan can be a daunting task. There are a lot of things to consider e.g. affordability, coverage, beneficiaries, etc. People put off getting life insurance because of how complex it is, but here are a few tips to help you make the first steps.
First Life Insurance Plan

1. Understand the need for it

Most people may need a life insurance policy somewhere down the road, but one should understand why they are getting it in the first place. The main purpose of getting life insurance is to protect yourself and your loved ones in the event of unforeseen circumstances. If someone relies on you for income, be it a spouse, a relative you provide care for, or a live-in boyfriend / girlfriend, it's a good reason to take on a life insurance policy.


2. Choose the right policy

Decide first what policy you want to buy based on your needs and weigh the costs: younger people can consider going for term life insurance like ManuProtect from Manulife that comes with basic life protection such as death and Total and Permanent Disability at lower premiums compared to whole life policy.

Pro tip: if you’re young and don’t have existing health complications, insurance premiums are generally much cheaper now than when you’re older.


3. Pick the right provider

With the number of insurance providers available in the market, it can be a difficult task to choose the right one amongst them. Besides comparing premium quotes and coverage, it is good that you look at the financial standings/reputation of the provider.


4. Consult a financial professional

Finally, if it all proves way too daunting, consider consulting an insurance agent or financial professional. They will take into consideration your financial standing and your needs to help you choose the right policy and even the right provider. Consulting them may come at a cost, but it’s a cost worth paying for as it gives you great value out of your policy in the long run.

These 4 tips will give you the right head start when picking your very first life insurance plan. Sure, there’s a lot of consideration involved but getting properly insured can be very beneficial in the long run. As they say, be prepared and have no regrets. 

There is a common adage in insurance: “When you need it (insurance), no one will offer it to you”. Therefore, you should buy at least a basic coverage when you are healthy and young and continue to upgrade. 

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