Life insurance helps ensure financial security for your family and loved ones in case of your untimely demise. It can cover funeral expenses, debts, and provide income replacement for your dependents, offering peace of mind and financial stability.

The most common types of life insurance include:
● Term Life Insurance : Provides coverage for a specific period and pays a lump sum on the policyholder’s death during the term.
● Whole Life Insurance : Offers lifelong coverage with both death benefits and an investment component.
● Endowment Plans : Combines life coverage with a savings or investment component, paying out a lump sum after the policy term.
●Unit-Linked Insurance Plans (ULIPs) : Combines life insurance with investment in market-linked funds.
● Money-Back Policies : Provides periodic payouts during the policy term and a lump sum amount on death or policy maturity.

The coverage you need depends on various factors like your income, family size, liabilities (loans, debts), and financial goals. A general rule of thumb is to have coverage of 10 to 15 times your annual income. Consulting with a financial advisor can help determine the exact amount.

The premium for life insurance depends on several factors, including:
● Age : Younger policyholders typically pay lower premiums.
● Health status : Better health results in lower premiums.
● Type of policy : Term insurance is usually cheaper than whole life insurance or ULIPs.
● Coverage amount : Higher coverage leads to higher premiums. Policy duration: Longer policies may come with higher premiums.
● Coverage amount : Higher coverage leads to higher premiums.
● Policy duration: : Longer policies may come with higher premiums.

The term of a life insurance policy refers to the length of time the policy will be in effect. For term life insurance, terms can range from 5 to 30 years, depending on the insurer and the policyholder's age and needs.

Term life insurance offers:
● Affordable premiums : Term insurance provides high coverage at a low premium cost.
● Financial security : Provides a lump sum payout to your family in case of your death.
● Flexibility : You can choose the coverage amount and policy term according to your needs.

If you outlive your term life insurance policy, there are no payouts, as term insurance is designed to provide coverage for a specific period. However, many insurers offer the option to renew or convert the policy into a permanent plan, sometimes with adjusted premiums.

Yes, most life insurance policies allow you to add riders for enhanced coverage. Common riders include:
● Critical Illness Rider : Provides coverage for specific illnesses like cancer, heart attack, etc. ● Accidental Death and Disability Rider : Provides additional benefits in case of accidental death or permanent disability. ● Waiver of Premium Rider : Waives the premiums in case of the policyholder's disability or critical illness.

To choose the best life insurance policy, consider:
● Your financial goals : Are you looking for basic protection or a policy with investment benefits?
● Coverage amount : Ensure the coverage aligns with your family's needs and liabilities.
● Premium affordability : Select a policy with premiums you can comfortably afford.
● Insurer reputation : Choose a reputable insurer with a smooth claims process and good customer service.

Yes, you can still take life insurance with pre-existing conditions, but it may affect your premiums or lead to exclusions for certain conditions. Some insurers may also require a waiting period for coverage related to pre-existing conditions.

In the event of the policyholder’s death, the beneficiary must submit a death claim form, along with necessary documents like the death certificate, policy document, and identity proof. The insurer processes the claim and provides the death benefit payout if everything is in order.

Yes, you can cancel your life insurance policy. If you cancel during the free-look period (usually 15 to 30 days from the policy start date), you will get a refund of the premiums, minus applicable charges. If you cancel later, you may not get a refund, depending on the type of policy.

You can verify the status of your life insurance policy by checking the policy document, reviewing premium payment receipts, or contacting your insurer’s customer service. Ensure you pay your premiums regularly to keep the policy active.

Finwelco offers:
● Comprehensive life insurance options with flexible plans.
● Personalized guidance to choose the right coverage for you.
● Competitive premiums from trusted insurance providers.
●Smooth claim assistance and expert support throughout your policy's tenure.