When you work hard to achieve a certain standard of living it is only natural to look at ways of protecting what you have and one of the ways to do that is to invest in the best life insurance cover that is suited to your financial needs and goals.
You can use life insurance to help safeguard the financial future of your loved ones so that they can still enjoy peace of mind and monetary stability if the worst happens and you are no longer around to take care of them.
A big question surrounding the issue of life cover is which policy to choose and one option is 1 Crore life insurance.
Here is a look at what 1 Crore life cover is and whether it will be enough for your needs.
Now and in the future
We all know that life can be very unpredictable and it is for that fundamental reason that many of us opt to sort out basic life insurance cover.
When you have life cover in place it will help provide an element of certainty that a certain amount of money will be paid out in the event of your untimely death while the policy is still in force.
However, it is worth pointing out that your financial circumstances are highly likely to evolve and the amount of cover you need now might not be adequate enough at some point in the future.
Covering your needs for a fixed term
The basic mechanics of a 1 Cr life policy is that you work out how much you would need to pay off your mortgage and other bills plus some spare cash on top and use that calculation to work out exactly how much cover you need.
Obviously, at the onset of taking out the policy the sum insured will seem huge and more than adequate but if you were able to fast-forward into the future and see how much money you needed then it is highly likely that you might find your cover looks less adequate than it did in the beginning.
You only have to factor inflation into the equation and you will soon see that this is something that can erode the value of money at an alarming rate, especially over a period of 20 years or so.
Be prepared to shop around
Ultimately, 1cr life cover varies greatly between different providers and you should always scrutinize all of the exclusions as well as the inclusions, as well as the benefits, to determine which policy should give you the best chance of keeping pace with your financial goals and future needs.
We are all unique and that means there could be a 1cr life policy that is just right for you or it could be that you need an option with greater coverage and options.
As always in these circumstances, it is best practice to take the time to consult a life insurance professional who can run through your options and give you the information that could prove crucial to your decision as to whether a 1cr life policy will do the job.